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

Free trade flowing from the free trade agreements with Japan, Korea and China as well as the Trans-Pacific Partnership will boost Australia's GDP, our gross domestic product. Our modelling shows that these agreements will add something like $24.4 billion to Australia's gross domestic product between 2016 and 2035. Australian household consumption will increase by, on average, $4,350 over the same period. Then there are the intangibles, which are impossible to predict. New Zealand's Prime Minister, John Key, has said, for example, that the trade deal that his country did with China produced 11 times the benefits compared to even the most optimistic assumptions.

Thanks to the Prime Minister and the Minister for Trade and Investment, our work on free trade is continuing. Indonesia and Australia have recommenced talks on an Australia-Indonesia comprehensive economic partnership agreement.