Trade and investment to power a future made in Australia

Today I convened a senior group of influential business, union, community, and government representatives for the second meeting of the Trade 2040 Taskforce.

The Taskforce advises the Government on its trade policy to 2040.

Taskforce members discussed how Australia will work with trading partners in support of the Albanese Government's $22.7 billion Future Made in Australia package. The Future Made in Australia Act will promote greater investment and growth of new export industries such as renewable hydrogen, green metals, batteries and critical minerals processing, by leveraging our world-class resources, vast renewable energy assets, and status as a trusted and reliable trading partner.

As part of the package announced in last week's budget, the Albanese Labor Government committed over $14 million to kick-start new trade partnerships that promote fair global trade rules to support Australia's international competitiveness, while developing benchmarks to boost trade in our high-quality critical minerals. These new initiatives will see Australia working with like-minded partners to drive best-practice trade and industry policy on the world stage, strengthening Australia's economic resilience and making Australian businesses an indispensable part of net zero supply chains.

Taskforce members were also briefed on the state of global economy by Michele Bullock, the Governor of the Reserve Bank, and were joined by Nicholas Moore, Australia's Special Envoy for Southeast Asia to discuss opportunities to take forward recommendations in Invested: Australia's Southeast Asia Economic Strategy to 2040.

I briefed members on the latest trade developments with China, progress on trade agreement negotiations with the United Arab Emirates, and invited members to make submissions on a new Australia-India economic roadmap, which is now open for consultation.

Strong trade partnerships are a central part of the Government's Future Made in Australia agenda, and the expansion of the Government's Trade 2040 Taskforce in this budget demonstrates the importance of the active role business, union and community representatives play in the Government's trade policy agenda including a Future Made in Australia.

More information, including membership is available on the Trade 2040 Taskforce webpage.