Dean Smith (WA, Liberal Party) Share this | Hansard source

On behalf of the chair of the Joint Standing Committee on Trade and Investment Growth, I present the committee's report on trade transformation, and I move:

That the Senate take note of the report.

I seek leave to incorporate the tabling statement in Hansard.

Leave granted.

The statement read as follows—

Trade and investment are essential to Australia's economy. Tens of thousands of Australian businesses, from sole traders to large enterprises, export goods and services around the world.

Investment has underpinned the growth of many Australian industries and enables businesses to expand, diversify, hire more staff, and enter new markets.

This inquiry considered opportunities for Australian businesses to increase their exports and attract further investment. In particular, the Committee examined what role the Australian Government has in boosting exports.

The Committee also considered what challenges businesses face when exporting, such as non-tariff barriers and unnecessary or burdensome regulation.

This report makes 20 recommendations aimed at supporting businesses, including in new and emerging industries, to increase their trade and attract investment.

The Committee recommended an assessment of the regulatory arrangements for the agricultural industry. This included recommending an examination of whether regulatory costs, red and green tape, and differing arrangements across jurisdictions are impacting on Australia's international competitiveness for agriculture.

Another focus of the Committee's recommendations was supporting innovation and new and emerging industries, such as the space sector, defence exports, international health and video game development.

The Committee also looked to the future of Australian trade and investment, including the Government's goal of having 90 per cent of Australia's two-way trade covered by trade agreements by 2022.

Achieving this goal will be a significant milestone, but also raises the question of what further opportunities there will be to drive growth in Australia's exports.

As this inquiry process was coming to a close, the world was confronted with the COVID-19/coronavirus pandemic. This has already had devastating consequences for individuals, businesses and economies around the world. The long-term economic impact of COVID-19 is not yet known, but the Australian Government is putting measures in place to support businesses after this health crisis has been overcome.

As the majority of evidence to this inquiry was received before the COVID-19 outbreak, the report does not reflect the emerging challenges businesses across the globe will face as a consequence. However, the report recommendations, which focus on creating more opportunities to export and invest, remain relevant and necessary as the economy looks towards recovery in the coming months.

On behalf of the Committee, I would like to acknowledge the difficult times many Australian businesses are experiencing as a result of the COVID-19 pandemic. It is our hope that the work of the Australian Parliament, including through this Committee, will help businesses recover from the effects of this pandemic.

I would like to thank the individuals, businesses, organisations and government agencies who participated in this inquiry and provided the committee with an insight into the trade and investment challenges and opportunities for Australian businesses. I would also like to thank my Committee colleagues for their significant contribution to this inquiry and the ongoing work of the Committee more broadly.

Question agreed to.