Barry O'Sullivan (Queensland, National Party) Share this | Link to this | Hansard source

My question is to the Attorney-General, representing the Minister for Trade, Tourism and Investment, Senator Brandis. Can the Attorney-General advise the Senate how the coalition government's ambitious free trade agenda is creating new opportunities for Australian businesses and supporting local jobs?

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

Yes, I can, Senator O'Sullivan, and I thank you very much for that very important question. The Turnbull coalition government has the most ambitious free trade agenda in Australia's history, and you heard some of the particulars I just gave Senator Leyonhjelm about those FTAs. We are unashamedly pursuing new opportunities for Australian businesses to access global markets and to take advantage of benefits that flow from liberalised trade.

The Prime Minister and the Minister for Trade, Tourism and Investment last week attended APEC in Vietnam to implement the government's agenda of growing trade, generating jobs and fuelling economic growth. It has been our consistent approach to free trade that has contributed to Australia's 26 years of uninterrupted economic growth.

There are those in this place who would seek to wind back the clock with protectionism, but that is not the approach of this government. We are taking a proactive approach and demonstrating leadership on the world stage. Our contributions at forums such as APEC ensure that we're positioned to capture every opportunity on offer in our region and put Australia's best foot forward. We know that open markets are key to Australia's success. Last year, Australia's average household income was $8,448 higher than it would have been without this government's trade liberalisation achievements. Our ambitious free trade agenda is delivering opportunities for Australian exporters and supporting the one in five Australian jobs that are reliant on trade.

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Senator O'Sullivan, a supplementary question.

Barry O'Sullivan (Queensland, National Party) Share this | Link to this | Hansard source

Once more, a very comprehensive and honest answer, delivered eloquently. Can the Attorney-General outline how the Peru-Australia Free Trade Agreement, concluded on the Friday of last week, will help to grow Australian businesses and create jobs?

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

Yes, I can, and, yes, I will. Last week, the Prime Minister and the Minister for Trade, Tourism and Investment announced the conclusion of the Peru-Australia Free Trade Agreement negotiations in Vietnam.

This important agreement, known as PAFTA, marks the beginning of a new chapter in relations between Australia and Latin America. It provides Australian exporters, particularly in agriculture, mining and services, with outstanding access to one of the fastest-growing economies in the world. Last year, Peru imported US$4.6 billion of agricultural goods; however, Australia only exported $5.3 million worth of agricultural goods to Peru because of tariff barriers and preferential access for our competitors. The Peru-Australia Free Trade Agreement will help Australian farmers gain a much greater share of that multibillion dollar market.

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Senator O'Sullivan, a final supplementary question?

Senator Cameron interjecting—

Barry O'Sullivan (Queensland, National Party) Share this | Link to this | Hansard source

Rabbie Burns over there makes it difficult to get a question out. Can the Attorney-General update the Senate on some of the big wins for Australian businesses in PAFTA, particularly in our great home state of Queensland?

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

I certainly can. The Peru-Australia Free Trade Agreement delivers huge wins for Australian businesses, particularly for our home state of Queensland. It locks in the wins with Peru from the TPP but goes well beyond that in market access outcomes. PAFTA will eliminate 99 per cent of tariffs that Australian exporters face into Peru. Sugar, dairy, rice and sorghum farmers in particular will enjoy historic market access. Australia's sugar market access is more than any other exporting country has achieved in 20 years, and is equivalent to roughly 30 per cent of Peru's sugar imports. This is a great win for Queensland cane growers, who rely on free trade agreements to be competitive overseas, and it's no surprise that they have welcomed the Turnbull government's announcement.