Australia has a trade surplus with China and is set to open up $15.2bn in direct trade with the Asian giant, the government has confirmed.
The budget update, released by Treasurer Scott Morrison on Wednesday, said the government was committed to “strengthening our bilateral trade relationships”, adding that “Australia is committed to increasing our trade with China”.
It also said the budget would “increase the number of direct bilateral trade agreements we have with China, with additional agreements on agricultural, fisheries, infrastructure and the environment”.
The budget will also create “direct” bilateral trade deals with Japan and South Korea.
It was also confirmed the budget will increase the number a bilateral trade agreement with the United States, which had been at $3.2 billion in 2018, to $5.5bn.
Mr Morrison said the “unprecedented” trade surplus was an important sign of Australia’s “strong leadership role in the world”.
“In terms of our position as a global power, the fact that we have this trade surplus, the huge amount of revenue that we’ve generated, that’s an important signal that we’re a global leader in trade and economic integration,” he said.
“That is something that is shared by all of our trading partners.”‘
It’s important to get this done’The budget announcement came as Mr Morrison’s deputy, Ian Macfarlane, said Australia’s economy was “growing at a healthy rate”.
“It’s not a one-off, it’s not an anomaly, and we’re very confident that the policies that we put in place will make it more likely that we will continue to grow our economy and create jobs,” Mr Macfarend said.
The Budget also revealed Australia’s GDP was “moving in the right direction” and the government had been able to reduce unemployment, boost growth and “significantly” reduce the deficit.
Topics:government-and-politics,government-of-the-parliament,budget,budget-and_policy,economy,government,business-economics-and‐finance,government–news,budget—state-issues,federal—state,nsw,australiaFirst posted February 24, 2019 10:48:32Contact Matt O’ConnorMore stories from New South Wales