David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Human Services, Senator Payne, representing the Minister for Trade and Investment. Can the minister outline how the landmark China-Australia Free Trade Agreement with the world's second-largest economy will create jobs and growth in all Australian states and territories through greater export opportunities.

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

I thank Senator Bushby for that question about the China-Australia Free Trade Agreement, because, as one of the three free trade agreements which this government has negotiated, two of which have been implemented, it is all about jobs and growth for Australia. What this free trade agreement will do is open extraordinarily significant opportunities for Australia with the world's second-largest economy—and, frankly, it is one of the fastest growing as well. It is already our largest export destination for both goods and services, and it is our largest export market for agriculture, resources and services.

What we will be able to achieve is the removal of some very significant barriers to Australian agricultural exports—so, to beef, to wine, to dairy, to barley, to seafood, to lamb and so on—which will be very, very important in every state of Australia. On full implementation, over 95 per cent of Australia's goods exports to China are going to enter China duty free. In fact, every state and territory is set to gain from this agreement. In Senator Busby's state of Tasmania, last year trade with China accounted for 21 per cent of their trade. In Western Australian, it is 45 per cent. In my own state, it is 24 per cent; in South Australia, 23 per cent; in Victoria, 21 per cent; in Queensland, 20 per cent; and in the Northern Territory, 19 per cent. Why would we deny ourselves the opportunity to significantly increase those proportions with this landmark free trade agreement? It is no wonder, therefore, that it has been backed by a number of Labor state premiers: Daniel Andrews, Annastacia Palaszczuk, Jay Weatherill, and the New South Wales Labor leader in my own state, Mr Foley, and the ACT Chief Minister, Andrew Barr. They realise that this free trade agreement is about creating jobs and growth for all Australians. It is about making their engagement with the Chinese market significantly greater. (Time expired)

David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Can the minister outline to the Senate how specific businesses will benefit as a result of the China-Australia Free Trade Agreement?

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

I am going to display my slight preference for Western Sydney again and talk about a company called Ensitech, whose CEO, Clive White, attended the free trade forum in Parramatta last week, with trade and investment minister, Andrew Robb. It is based in Emu Plains in Western Sydney. It is a wholly-owned Australian company that has a unique business manufacturing stainless steel welding brushes and surface finishing systems already to some 15 export markets. They are an amazing example of how advanced manufacturing can thrive in this country, but only if there is adequate access to key export markets. As a result of the China-Australia Free Trade Agreement, Ensitech will end up with a 9.5 per cent tariff removed from their exports. That will amazingly improve their margins, their capacity to secure new customers and their competitive position, but, most importantly, it will improve their ability to employ people in Western Sydney in their own business. (Time expired)

David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister explain to the Senate the cost to the Australian economy if the free trade agreement with China is not implemented by the end of this year? Which sectors stand to suffer if the Labor Party does not support this landmark deal?

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

If the free trade agreement is not supported by the end of this year, what those opposite will do is consign the tourism industry, for example, to not being able to safeguard what is already a $5 billion Chinese tourism market, growing at 20 per cent a year. In agriculture, the National Farmers Federation advise us that delaying in agriculture alone will cost $300 million just in 2016, with untold flow-on effects to rural and regional communities and enterprises. The Financial Services Council warns that, if the free trade agreement is not progressed, it can cost our economy more than $4 billion and some 10,000 jobs in financial services alone by 2030. It is incomprehensible that those opposite cannot see the opportunities and the advantages and the importance of progressing this free trade agreement.