Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Hansard source

I thank Senator Back for this important question and for his ongoing support for free trade and the particular benefits to the great state of Western Australia. When we talk about innovation, we talk about any process, any product or any new service that comes into being because people have either come up with new ideas or they have responded to changing demands and consumption in the marketplace.

One of the prerequisites for really good innovation is competition, and these free trade agreements that we have been entering into over the last few years will increase the intensity of competition in the Australian economy. They will increase the intensity of competition and will mean that our own firms will not only have access to new markets but also face competition here at home. That is a rising tide that can lift all boats. By allowing Australian business to become more agile, we ensure that our economy will be adapting in new markets and thriving from them. We are going to be agile, we are going to be nimble and we are going to be innovative.