Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. Over the two years since the Albanese Labor government was elected, great strides have been made in improving the access into overseas markets for Australian exporters and products and lowering costs for Australian consumers on imported goods. Could the minister please provide an update on how this progress has come about through a sensible approach to trade agreements and stabilising relations?

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

I thank Senator Sterle for his question. I know he understands just how important trade and tourism are to the Western Australian economy, as I imagine you do too, Madam President. The Australian economic prosperity is directly linked to open and stable international markets. One in four Australian jobs is related to trade. Jobs in export industries pay five per cent more on average, and 27 per cent of Australia's economic output is supported by trade. Under the Albanese Labor government, Australia has been recording remarkable trade surpluses, which means exports are rising faster than imports. For example, in January 2024, the trade surplus on goods was $11 billion.

Government senators: How much?

It was $11 billion!

Opposition senators interjecting—

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

Order!

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

In particular, exports from Senator Sterle's great state of Western Australia have benefited significantly from this government's steady hand on the trade tiller. The government is actively progressing a forward-leaning trade agenda by bringing priority agreements into force—

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

Senator Farrell, please resume your seat. Seriously, Senator McKenzie. This is the chamber; we're not at a football match. Minister Farrell, please continue.

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

Thank you for that protection, President. The government is actively progressing a forward-leaning trade agenda by bringing priority agreements into force and progressing ongoing negotiations. The government is working hard to stabilise our trade relationship with China.

Trade diversification is a central plank of the government's trade policy strategy. We need to deepen and diversify our trading relationship, particularly in our own region. Earlier this month, the Prime Minister hosted a special summit to celebrate 50 years of partnership with the Association of Southeast Asian Nations. It's an important event which enabled discussions on ways of deepening engagement in the region— (Time expired)

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

Senator Sterle, first supplementary?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

I thank the minister for his answer. I refer the minister to the recent reporting about an interim determination of China's review into tariffs on Australian wine exports that the tariffs are no longer necessary. Could the minister please outline to the Senate the work taken towards stabilising Australia's trading relationship with China?

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

(—) (): I thank Senator Sterle for his supplementary question. I know there will be many people, particularly in Margaret River and Swan Valley—another beautiful wine area—in Western Australia who will know that the Albanese Labor government is working hard to stabilise our relationship with China without compromising our principles. Sustained engagement and advocacy have led to positive developments in the trade relationship—just ask Australian exporters in coal, cotton, copper ore, concentrates, timber logs, oats and hay and barley. We welcome China's interim decision of 12 March that the duties on wine are no longer necessary. We expect China will complete its review and remove duties by the end of this month, allowing Australia's quality wine, including those from the Margaret River and the Swan Valley to return to the Chinese market. This has been a remarkable turnaround but— (Time expired)

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

Senator Davey, my apologies to you. You were listening. I was actually referring to Senator McDonald. I think your jackets are the same colour! Senator Sterle, a second supplementary?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Minister, for your answer. Recently, the minister attended a ministerial meeting on the Indo-Pacific Economic Framework with some of Australia's key trading partners. Could the minister provide an update to the Senate on progress towards agreeing further pillars of the framework, including expected trade benefits for Australia?

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

I thank Senator Sterle for his supplementary question. Of course, with my good friends the Americans, I met with—

Opposition Senators:

Opposition senators interjecting—

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

My very good friends the Americans! The Indo-Pacific Economic Framework brings together 14 of the most dynamic and fastest-growing economies in the Indo-Pacific region, with members making up over 40 per cent of global GDP. This month I participated in a virtual IPEC ministerial meeting with my very good friend the United States Commerce Secretary, Gina Raimondo, which involved the release of key text of agreements. An important agreement under IPEC is the supply chain agreement. When implemented, the supply chain agreement will help address concentrations in critical supply chains and promote Australia's— (Time expired)

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I ask that further questions be placed on notice.