Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the acting leader and the Minister for Trade and Tourism, Senator Farrell. Today the Prime Minister launched Invested: Australia's Southeast Asia Economic Strategy to 2040 in Jakarta, Indonesia. Could the minister please update the Senate on this important announcement, including what it means for our relationship with our South-East Asia neighbours and how the strategy supports our government's plans to expand and diversify Australia's trade in the region?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Ciccone for his excellent question and his interest in building trading relationships with our good friends in South-East Asia. Deepening our engagement in South-East Asia is a priority for the Albanese Labor government. The opportunities in our region are simply incredible, and the ASEAN economy is predicted to be the fourth largest single market in the world by 2040, after the United States, China and India. Trading and investing more in South-East Asia means more opportunities for Australian businesses to grow, creating more Australian jobs and boosting our economic prosperity. That is why the Prime Minister appointed Mr Nicholas Moore to lead the development of the strategy.

His report, launched today, sets out a practical pathway to increase two-way trade and investment with the region. It highlights opportunities for our exporters, investors, tourism businesses, higher education providers as well as creative and clean economy sectors. Whether it's boosting energy transformation, high skilled manufacturing or supplying world-class produce, Australia has all the goods and services our region needs to power its growth into the decades ahead. The strategy reinforces that trade and investment diversification are key to our shared future prosperity and economic security. We want to put forge strong, genuine partnerships with our South-East Asian neighbours.

Hon. Senators:

Honourable senators interjecting—

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I know you're not interested in this, but the Labor Party are, and we want more trade, more investments with our regional neighbours, and that is what we will deliver.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Ciccone, first supplementary?

Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Minister, for that very comprehensive answer. Minister, what immediate actions will the government take to implement the recommendations of the strategy and support Australian businesses to engage with South-East Asia?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Ciccone for his fine first supplementary question. Australia's Southeast Asia Economic Strategy to 2040 is a long-term strategy with 75 recommendations. Today the Prime Minister announced three immediate priority initiatives to help Australian businesses realise these opportunities. We've committed $70.2 million for new Southeast Asian Investment Deal Teams to identify and facilitate Australian investment in our region in areas like infrastructure and the clean economy. We will deliver $19.2 million to the Southeast Asia Business Exchange program to boost trade by organising Australia's trade missions to the regions, and we've launched a $6 million professional exchange Pilot Program for Young Professionals. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Ciccone, a second supplementary?

Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

How will Australian businesses and workers, particularly workers, benefit from the enormous economic opportunities highlighted in the Southeast Asia Economic Strategy?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

This strategy sets out key opportunities and highlights success stories of businesses making the most out of trade and investment opportunities in South-East Asia. For example, in agriculture Australia is a preferred grain exporter to several growth markets including Indonesia, Singapore, the Philippines and Vietnam. Last year, our wheat exports to South-East Asia reached over $6 billion and are a key part of the region's food security. In the clean economy, Philippines investor ACEN has committed over $700 million to build a new solar farm in New South Wales, providing renewable energy and around 700 jobs during its construction. The Albanese Labor government is getting on with the job of diversifying our trade and investment relationships. (Time expired)