I’m determined for Australia will play a more active role in standards setting.
I have tasked the Department of Foreign Affairs and Trade to come back to me with a comprehensive audit of global institutions and rule-making processes where we have the greatest stake.
And I want to send a message here tonight that we will be looking to tap Australian expertise as part of our efforts.
Ladies and gentlemen, the foundation for robust and credible Australian engagement abroad is a strong economy at home.
Without a strong economy, we cannot protect the living standards of our people.
Without a strong economy we cannot keep our people safe, protect and preserve our environment, guarantee the essential services Australians rely on and invest in national defence and global order.
That’s why bringing the budget back into balance and keeping that way is so important.
A strong budget is a cornerstone of Australian sovereignty in an uncertain world.
We are one of only ten nations with a AAA credit rating from all key rating agencies.
At the same time, we are pursuing the most ambitious trade strategy in Australia’s history. One in five Australian jobs is now dependent on trade.
We have concluded, or are negotiating, trade deals with 17 out of our top 20 trading partners.
We are working towards an agreement with the EU.
And we stand ready to swiftly secure a trade agreement with the United Kingdom as soon as they are in a position to do so. Post Brexit, the UK will become an important partner and voice in the advocacy for our rules based trading system and the benefits of open and fair trade.
In the last six years we have secured duty-free or preferential access for our exporters to an extra 1.7 billion consumers.
70 per cent of Australia’s two-way trade is now covered by our trade agreements, up from 26 per cent when the Coalition was elected in 2013.
Today’s trade data confirmed once again the longest run in consecutive monthly trade balances in 45 years. And for the first time since 1975, our current account is in surplus.
We are working to revitalise and modernise the global trading system. To ensure it matches the speed of change in E-commerce and embraces the opportunities of the digital economy.
At home we are lowering taxes, removing the burden of over-regulation, embarking on overdue structural reform of our vocational training sector to ensure we are meeting the dynamic skills needs of our growing economy. And we are building the transport, energy and water infrastructure our economy needs to grow.
This is all part of the comprehensive national economic plan we are implementing to keep our economy strong.
Ladies and gentlemen, of course our approach to the world is shaped by where we live.
We are an Indo-Pacific nation.
We are playing our part to build a secure, prosperous and inclusive Indo-Pacific of independent, sovereign and resilient states.
We have started with our Pacific Step-Up.
Australia’s national security and that of our Pacific family are intertwined.
This is a practical partnership supporting economic stability and prosperity, and strengthening security and resilience.
Our relationships with other nations in our region are flourishing.
We have concluded a landmark economic partnership agreement with Indonesia and aim to introduce implementing legislation next week.
And I look forward to attending the inauguration of re-elected President Widodo later this month.
In August we further strengthened our relationship with Vietnam, a nation of real consequence in our region.
Last year we elevated our relationship to a strategic partnership, reflecting our shared strategic interests and determination to expand cooperation even further.
ASEAN is at the core of our conception of the Indo-Pacific.
Next month we, our ASEAN partners and other nations in the region hope to conclude the Regional Comprehensive Economic Partnership, embracing 16 economies with a combined population of 3.5 billion and combined GDP of US$25.7 billion.
The special importance of this agreement is that it will draw India more substantially into the Indo-Pacific economy.
India is a great success story of our region. A land of durable institutions and shared values.
A natural partner for Australia.
So I am honoured to accept the invitation of my friend Prime Minister Modi to visit India in January, including to deliver the inaugural address at the Raisina Dialogue.
The visit will be accompanied by a business delegation that I have invited Ashok Jacob, Chair of the Australia-India Council Board, to lead. This will bring Government and business together to pursue our India Economic Strategy that has captured the attention of our Indian partners and must now be realised.
My visit will be another step in cementing India in the top tier of Australia’s partnerships.
Last week we took another step, when Foreign Ministers of the Quad countries - the USA, Australia, India and Japan - met in New York.
This is the first time the Quad has met at Ministerial level.
Our Government has worked patiently to restore trust and confidence following the Rudd Government’s policy to disconnect from the Quad.
I am pleased we have been able to restore this important forum for Australia and the region.
It is a key forum for exchanging views on challenges facing the region, including taking forward practical cooperation on maritime, terrorism and cyber issues.
It also complements the role of ASEAN and ASEAN-led architecture.
This has been achieved with Australia’s steadfast friendship and support from Japan, which is broader and deeper than ever before.
Japan is our Special Strategic Partner, our second-largest trading partner and a fellow ally of the United States.
Prime Minister Abe is not only a great friend of Australia, but also one of the region’s elder and most eminent statesmen.
That’s why I am also pleased to accept Prime Minister Abe’s invitation to visit Japan early next year.
And I also intend to put more effort into our relationship with the Republic of Korea - building on our significant trade, energy and infrastructure ties.
I met again recently with President Moon. We agree that our relationship has significant further potential, including in hydrogen, critical minerals and security.
I would add that the Indo-Pacific would be even stronger if Japan and the ROK can overcome their recent tensions.
Ladies and Gentlemen, I can report from my most recent visit to the US at the kind invitation of President and Mrs Trump, that the state of our relationship is strong.
Our alliance with the United States is our past, our present and our future.
It is the bedrock of our security.
And it’s one that we contribute to as we undertake the greatest peacetime recapitalisation of our Defence Force ever and increase spending on Defence to two per cent of our GDP.
Deep US engagement in the Indo-Pacific is essential for maintaining stability and prosperity.
But even during an era of great power competition, Australia does not have to choose between the United States and China.
China is our Comprehensive Strategic Partner.
The strategic importance of our relationship is clear.
China is a global power making significant investments in military capability as a result of its extraordinary economic success.
It is the major buyer of resources globally.
It is having a profound impact on the regional balance of power.
It’s now the world’s second largest economy accounting for 16 percent of world GDP in 2018
The world’s largest goods exporter since 2009 and the world’s largest trading nation since 2013.
The world’s largest manufacturer.
The world’s largest banking sector, the world’s second largest stock market and the world’s third largest bond market.
And the world’s largest holder of foreign reserves.
We have benefited from China’s economic rise, just as China has benefited from Australia’s reliable supply of high quality energy, resources, agricultural goods, and increasingly services.
China has in many ways changed the world, so we would expect the terms of its engagement to change too.
That’s why when we look at negotiating rules of the future of the global economy, for example, we would expect China’s obligations to reflect its greater power status.
This is a compliment, not a criticism.
And that is what I mean when describing China as a newly developed economy.
The rules and institutions that support global cooperation must reflect the modern world. It can’t be set and forget.
In conclusion let me simply say that we will continue to stand up for Australia. Will defend our reputation. Will defend our interests, our jobs, our living standards, our environment, our cohesive and tolerant society, our kid’s opportunities for the future.
We will strive to protect the promise of Australia to every Australian.
A promise that was made to a young Frank Lowy to enable him to become everything that he could be. That promise is now being kept to millions more Australians who have come to Australia to make a contribution and not take one, to respect our laws, our unique lifestyle and freedoms. And who along with our resident population continue to make our nation the envy of the world.
How good is Australia Sir Frank, and may it ever be so.
Thank you for your attention.
I have tasked the Department of Foreign Affairs and Trade to come back to me with a comprehensive audit of global institutions and rule-making processes where we have the greatest stake.
And I want to send a message here tonight that we will be looking to tap Australian expertise as part of our efforts.
Ladies and gentlemen, the foundation for robust and credible Australian engagement abroad is a strong economy at home.
Without a strong economy, we cannot protect the living standards of our people.
Without a strong economy we cannot keep our people safe, protect and preserve our environment, guarantee the essential services Australians rely on and invest in national defence and global order.
That’s why bringing the budget back into balance and keeping that way is so important.
A strong budget is a cornerstone of Australian sovereignty in an uncertain world.
We are one of only ten nations with a AAA credit rating from all key rating agencies.
At the same time, we are pursuing the most ambitious trade strategy in Australia’s history. One in five Australian jobs is now dependent on trade.
We have concluded, or are negotiating, trade deals with 17 out of our top 20 trading partners.
We are working towards an agreement with the EU.
And we stand ready to swiftly secure a trade agreement with the United Kingdom as soon as they are in a position to do so. Post Brexit, the UK will become an important partner and voice in the advocacy for our rules based trading system and the benefits of open and fair trade.
In the last six years we have secured duty-free or preferential access for our exporters to an extra 1.7 billion consumers.
70 per cent of Australia’s two-way trade is now covered by our trade agreements, up from 26 per cent when the Coalition was elected in 2013.
Today’s trade data confirmed once again the longest run in consecutive monthly trade balances in 45 years. And for the first time since 1975, our current account is in surplus.
We are working to revitalise and modernise the global trading system. To ensure it matches the speed of change in E-commerce and embraces the opportunities of the digital economy.
At home we are lowering taxes, removing the burden of over-regulation, embarking on overdue structural reform of our vocational training sector to ensure we are meeting the dynamic skills needs of our growing economy. And we are building the transport, energy and water infrastructure our economy needs to grow.
This is all part of the comprehensive national economic plan we are implementing to keep our economy strong.
Ladies and gentlemen, of course our approach to the world is shaped by where we live.
We are an Indo-Pacific nation.
We are playing our part to build a secure, prosperous and inclusive Indo-Pacific of independent, sovereign and resilient states.
We have started with our Pacific Step-Up.
Australia’s national security and that of our Pacific family are intertwined.
This is a practical partnership supporting economic stability and prosperity, and strengthening security and resilience.
Our relationships with other nations in our region are flourishing.
We have concluded a landmark economic partnership agreement with Indonesia and aim to introduce implementing legislation next week.
And I look forward to attending the inauguration of re-elected President Widodo later this month.
In August we further strengthened our relationship with Vietnam, a nation of real consequence in our region.
Last year we elevated our relationship to a strategic partnership, reflecting our shared strategic interests and determination to expand cooperation even further.
ASEAN is at the core of our conception of the Indo-Pacific.
Next month we, our ASEAN partners and other nations in the region hope to conclude the Regional Comprehensive Economic Partnership, embracing 16 economies with a combined population of 3.5 billion and combined GDP of US$25.7 billion.
The special importance of this agreement is that it will draw India more substantially into the Indo-Pacific economy.
India is a great success story of our region. A land of durable institutions and shared values.
A natural partner for Australia.
So I am honoured to accept the invitation of my friend Prime Minister Modi to visit India in January, including to deliver the inaugural address at the Raisina Dialogue.
The visit will be accompanied by a business delegation that I have invited Ashok Jacob, Chair of the Australia-India Council Board, to lead. This will bring Government and business together to pursue our India Economic Strategy that has captured the attention of our Indian partners and must now be realised.
My visit will be another step in cementing India in the top tier of Australia’s partnerships.
Last week we took another step, when Foreign Ministers of the Quad countries - the USA, Australia, India and Japan - met in New York.
This is the first time the Quad has met at Ministerial level.
Our Government has worked patiently to restore trust and confidence following the Rudd Government’s policy to disconnect from the Quad.
I am pleased we have been able to restore this important forum for Australia and the region.
It is a key forum for exchanging views on challenges facing the region, including taking forward practical cooperation on maritime, terrorism and cyber issues.
It also complements the role of ASEAN and ASEAN-led architecture.
This has been achieved with Australia’s steadfast friendship and support from Japan, which is broader and deeper than ever before.
Japan is our Special Strategic Partner, our second-largest trading partner and a fellow ally of the United States.
Prime Minister Abe is not only a great friend of Australia, but also one of the region’s elder and most eminent statesmen.
That’s why I am also pleased to accept Prime Minister Abe’s invitation to visit Japan early next year.
And I also intend to put more effort into our relationship with the Republic of Korea - building on our significant trade, energy and infrastructure ties.
I met again recently with President Moon. We agree that our relationship has significant further potential, including in hydrogen, critical minerals and security.
I would add that the Indo-Pacific would be even stronger if Japan and the ROK can overcome their recent tensions.
Ladies and Gentlemen, I can report from my most recent visit to the US at the kind invitation of President and Mrs Trump, that the state of our relationship is strong.
Our alliance with the United States is our past, our present and our future.
It is the bedrock of our security.
And it’s one that we contribute to as we undertake the greatest peacetime recapitalisation of our Defence Force ever and increase spending on Defence to two per cent of our GDP.
Deep US engagement in the Indo-Pacific is essential for maintaining stability and prosperity.
But even during an era of great power competition, Australia does not have to choose between the United States and China.
China is our Comprehensive Strategic Partner.
The strategic importance of our relationship is clear.
China is a global power making significant investments in military capability as a result of its extraordinary economic success.
It is the major buyer of resources globally.
It is having a profound impact on the regional balance of power.
It’s now the world’s second largest economy accounting for 16 percent of world GDP in 2018
The world’s largest goods exporter since 2009 and the world’s largest trading nation since 2013.
The world’s largest manufacturer.
The world’s largest banking sector, the world’s second largest stock market and the world’s third largest bond market.
And the world’s largest holder of foreign reserves.
We have benefited from China’s economic rise, just as China has benefited from Australia’s reliable supply of high quality energy, resources, agricultural goods, and increasingly services.
China has in many ways changed the world, so we would expect the terms of its engagement to change too.
That’s why when we look at negotiating rules of the future of the global economy, for example, we would expect China’s obligations to reflect its greater power status.
This is a compliment, not a criticism.
And that is what I mean when describing China as a newly developed economy.
The rules and institutions that support global cooperation must reflect the modern world. It can’t be set and forget.
In conclusion let me simply say that we will continue to stand up for Australia. Will defend our reputation. Will defend our interests, our jobs, our living standards, our environment, our cohesive and tolerant society, our kid’s opportunities for the future.
We will strive to protect the promise of Australia to every Australian.
A promise that was made to a young Frank Lowy to enable him to become everything that he could be. That promise is now being kept to millions more Australians who have come to Australia to make a contribution and not take one, to respect our laws, our unique lifestyle and freedoms. And who along with our resident population continue to make our nation the envy of the world.
How good is Australia Sir Frank, and may it ever be so.
Thank you for your attention.
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