Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Patrick for that question. Firstly I reject the assertions made in relation to the economic impact of the Trans-Pacific Partnership Agreement. The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership, which was a great success for both the Prime Minister and the trade minister, Steven Ciobo, who convinced others to proceed with this agreement with the remaining 11 countries, is part of our ambitious free trade agenda, which is all about helping Australian businesses be more successful and export more Australian products and services in key markets around the world. Guess what? Selling more products and services to other markets around the world helps make businesses more successful, helps them grow, and helps them hire more Australians and pay better wages.

The indicative modelling of the highly regarded Peterson Institute for International Economics found that the TPP-11 would boost Australia's national income by 0.5 per cent and boost exports by four per cent, which means more than $15 billion in additional income and more than $30 billion in additional exports. CPTPP countries are significant trading partners for Australia. The 10 other countries involved account for nearly one-quarter, or 23.6 per cent, of Australia's exports of goods and services, which was worth nearly $88 billion last financial year. That's why our government remained committed to this agreement, even when the US decided to walk away. As the CEO of the National Farmers' Federation, Tony Mahar, stated:

The CPTPP is a regional free trade agreement of unprecedented scope and ambition. It has great potential to drive job-creating growth across the Australian economy.

The Minerals Council of Australia said:

The regional trade agreement between 11 Asia-Pacific economies will boost Australian exports, contribute to growth, jobs and investment, and help ease cost of living pressures on Australian consumers.

And there is much more.