Matthew Canavan (Queensland, Liberal National Party, Minister for Resources and Northern Australia) Share this | Hansard source

The beef sector in this country is one almost uniquely exposed to world markets. We, of course, are lucky enough in this country to be able to buy affordable and high-quality beef, thanks to the sector. But the sector as a whole exports often more than 70 per cent of its production—indeed, in 2015-2016, 74 per cent of beef and veal production was exported. For that, we need strong access to overseas markets to get a good price for our beef producers, and that is what this government is helping to achieve with the free trade agreements we have signed.

I think it is important to stress what those free trade agreements have delivered for our beef sector. Under the Chinese free trade agreement, the tariff on fresh and frozen beef has already been cut from 12 per cent to 9.6 per cent, and by 2024 it will be zero. Under the Korean FTA, we have already had a reduction from 40 per cent to 32 per cent, and by 2028 it, too, will be zero. This is great news for our beef sector and great news for our nation.