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MYEFO reveals billion dollar costs from Government’s trade agenda

Media Release
Peter Whish-Wilson 16 Dec 2014

With Andrew Robb today trumpeting the start date for the Japan-Australia Economic Partnership Agreement (JAEPA) the Greens spokesperson for Trade, Senator Peter Whish-Wilson highlights the multi-billion dollar impacts the Government’s trade agenda has had on the Federal budget.

Senator Whish-Wilson said, “This government loves to talk up their trade deals, but they are silent on the multi-billion dollar impact these decisions have had on the Federal budget.

“Yesterday’s Mid-year Economic and Fiscal Outlook (MYEFO) highlighted the $1.59 billion hole that the JAEPA deal has created over the next four years.

“This is on top of the $900 million budget impact of the Korean trade deal, and the Government continues to be silent on the effect of the China deal.

“The Henry Review of taxation from 2010 highlighted that tariffs made up a sizeable part of the Government’s revenue base and that future trade deals were likely to erode this and alternative revenue streams will have to be found.

“Given the dire budget outlook and the lack of hard modelling about the costs and benefits of these deals, is now the right time for the Government to be pursuing this ideological free trade agenda?” Senator Whish-Wilson concluded.

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