Simon Birmingham (SA, Liberal Party, Minister for Trade) Share this | Hansard source

I thank Senator Molan for his question. I do note that the only questions that have related to the strength of the economy or the benefits of a strong economy today have come from Liberal and National MPs and senators. Senator Molan, thank you for your question, which gives an opportunity to highlight on this budget day the strength of the Australian economy.

As my colleagues Senator Reynolds and Senator Cash have already highlighted, we have seen phenomenal jobs growth under our government—jobs growth that has been fuelled in part by record export performance. Last year, Australia recorded a record trade surplus of some $22.2 billion. This is a record surplus of Australia exporting more than we import. In fact, last year was the first year since 1973 that in each and every month of the year Australia exported more than we imported—a demonstration of the fact that our trade policies have worked and are working, and our government in this year's budget is committed to making sure that they keep working to continue to grow Australia's economy into the future.

Our trade policies have opened up market access across North Asia, with trade deals with Japan, China and Korea, through the Trans-Pacific Partnership and of course through deals we have most recently struck with countries such as Indonesia and Hong Kong. We've also recently announced that we're going to boost funding to the Export Market Development Grants scheme by a further $60 million. This builds on $75 million that our government had already put in place. Do you know what that contrasts with? It contrasts with the $100 million that the previous, Labor, government cut from the Export Market Development Grants scheme. When they were in office, not a single trade deal was commenced and concluded, and they cut export grants. And what did we have as a consequence? We had a weaker economy. What have we done? We've done trade deals and backed exporters. What have we got? A stronger economy, more jobs and a record trade surplus.