Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to my good friend and colleague the Minister for Human Services, Senator Payne, representing the Minister for Trade and Investment. Can the minister outline to the Senate how the government's trade policy is a vital part of our plan to create a strong and prosperous economy for all Australians, in particular, how the China-Australia Free Trade Agreement will create new jogs and opportunities for all Australians?

Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Link to this | Hansard source

Thank you, Mr President, and I particularly thank Senator Sinodinos for this extremely important question. Our trade negotiations are very important elements of our microeconomic reform agenda and our trifecta of trade agreements with the major economies of North Asia are very powerful enablers and are part of this government's efforts to help diversify our economy. They are about placing us in the best possible position to take advantage of the opportunities that are coming down the line in the region all around us. These are agreements about empowering people, empowering our industries, our businesses, our farmers, our service providers and the people they employ. In particular, the landmark China-Australia Free Trade Agreement, the ChAFTA, will unlock substantial new benefits for Australians for decades to come. Even former Labor trade minister Simon Crean has said that:

This is a great deal for Australia.

Modelling conducted by the Centre for International Economics shows that ChAFTA will create almost 8,000 jobs in 2016 alone and close to 15,000 new jobs by 2020. In fact, 80 per cent of our economy is comprised of services and the ChAFTA provides unprecedented access for our world-class services into the world's biggest market. The opportunities for all Australians will be absolutely extraordinary in the decades ahead. The government is not the only one to recognise that, nor is former trade minister Mr Crean. But let me speak about Jennifer Westacott, CEO of the Business Council of Australia, who said in a recent weekend column:

In years to come we will look back and either see this as a time when Australia was finally in the right part of the world at the right time with the products to buy and sell or we will see it as a time when we let the biggest trading opportunity in our history slip by.

We do not intend to let that happen. (Time expired)

Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Can the minister inform the Senate of any threats to the implementation of the China-Australia Free Trade Agreement?

Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Link to this | Hansard source

I could just look across the chamber and suggest that it might be right there! We as a government have a very profound commitment to freer trade and investment. This is a very stark choice because, on the other hand, we have the Labor Party not backing opportunities from freer trade and investment but instead seemingly backing the most militant unions in this country, who are running a dishonest campaign against the China FTA and are trying to turn away the opportunities it is going to bring. They just want to turn their backs and walk away. They do not care about new jobs, they do not care about the opportunities for business and industry and, frankly, delaying the agreement is going to be an enormous cost to Australia and to the Australian economy.

I have already said that the former Labor trade minister Mr Crean—if you are not going to listen to us, at least listen to your own elders and betters—has urged the Leader of the Opposition to support the agreement, to pass the deal before the end of the year. (Time expired)

Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Will the minister inform the Senate of the costs of any delays to the implementation of the China-Australia Free Trade Agreement?

Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Link to this | Hansard source

That is actually a very serious supplementary question from Senator Sinodinos because there are very significant costs related to a potential delay in this. If we do not get the agreement signed by the end of the year, the NFF, for example, says the delay will cost the agricultural sector alone $300 million in 2016 and that will have untold flow-on effects to both rural and regional economies. If they are not interested in agricultural, maybe the Financial Services Council might get their attention. They have warned that if the ChAFTA is stopped, it would cost our economy more than $4 billion and almost 10,000 jobs in financial services alone by 2030. That is what the unions, currently backed by Labor, are apparently campaigning to stop. It is incomprehensible. As Jennifer Westacott says, this is one of the greatest trade opportunities this country will ever have. If we do not take it now, if we miss it now, we will have nobody else to blame but those opposite.