The Joint Standing Committee on Trade and Investment Growth has released its report Pivot: Diversifying Australia’s Trade and Investment Profile, which examined how the Australian Government could support businesses to diversify Australia’s trade markets and sources of foreign investment.

Media release issue date: Wednesday, 17 March 2021

The Joint Standing Committee on Trade and Investment Growth has released its report Pivot: Diversifying Australia’s Trade and Investment Profile, which examined how the Australian Government could support businesses to diversify Australia’s trade markets and sources of foreign investment. The Committee Chair, George Christensen MP, said that now more than ever it was important that Australia takes the opportunity to pivot towards new export markets and trade and investment opportunities, to support sustainable economic growth over the long term. ‘The Committee has recommended that the Government develop a plan for trade diversification and examine options to expand domestic investment and production. These reforms will protect Australia from the risks of having too many eggs in one basket,’ Mr Christensen said. ‘Diversifying the range of products and services that Australia exports, including through greater support for future-focused and innovative industries, will further ensure Australia is not overexposed to trade disruptions or shocks in any one export market.’ Mr Christensen added that the Committee’s recommendations were also aimed at protecting Australia’s national interest and national security, particularly in sensitive and critical sectors. The Committee made 21 recommendations, which include: Developing and releasing a plan for trade diversification, and continuing to create trade opportunities including in India, Vietnam and through the Regional Comprehensive Economic Partnership agreement Increasing industry awareness of national security and national interest risks related to trade and investment, particularly for sensitive and critical sectors Investigating new options for increasing domestic funding for universities, requiring universities to publicly disclose the receipt of funding from foreign state linked bodies or individuals, and where the veto powers in Australia’s Foreign Relations (State and Territory Arrangements) Act 2020 allow, considering restrictions to foreign state-linked funding to Australian universities where the funding is not considered to be in the national interest Increasing Australia’s sovereign manufacturing capacity and ensuring that Australia has adequate supplies of key resources Greater support for the ‘industries of tomorrow’ A clear and consistent definition of the national interest for foreign investment Reporting on whether the leasing of the Port of Darwin to a foreign company will be subject to the Australia’s Foreign Relations (State and Territory Arrangements) Act 2020, and Options for greater domestic investment, including through superannuation funds and consideration of a national development bank. The full report can be found on the Committee’s webpage. Media enquiries Lynnis Bonanno, from the Office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au For background information Committee Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

The first hearings for the Joint Standing Committee on Trade and Investment Growth’s inquiry into the need for Australia to diversify its trade markets and foreign investment profile will be held in Canberra on 14 and 15 July.

Media release issue date: Monday, 13 July 2020

The first hearings for the Joint Standing Committee on Trade and Investment Growth’s inquiry into the need for Australia to diversify its trade markets and foreign investment profile will be held in Canberra on 14 and 15 July. George Christensen MP, Chair of the Parliament’s Trade and Investment Growth Committee, says it has become critical for Australia to review and assess its strengths and weaknesses in a context of growing international uncertainty and globalised economic interdependence. ‘Adapting to and preparing for evolving market challenges is necessary to support Australian export businesses,’ Mr Christensen said. ‘Australia needs to ensure any foreign investment is consistent with our national interest and not to the detriment of Australians,’ the Chair added. The hearings will focus on the agricultural sector and business and industry groups. Programs are available on the inquiry website. As part of its inquiry, the Committee is considering whether Australia is too reliant on foreign investment and any one market for exports, and the advantages and disadvantages of its current trade and investment profile. The Committee will also examine how global crises and bilateral trade agreements affect Australia’s export and investment relationships, as well as its domestic market. ‘Understanding Australia’s export capacity and foreign investment attractiveness will help Australian businesses remain competitive internationally. This supports a strong economy that keeps people in jobs,’ Mr Christensen said. Further public hearings will be scheduled in August, with updates to be provided on the Committee’s webpage. Submissions from interested individuals, businesses and organisations are invited by Friday, 31 July 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the Committee’s webpage.   Public hearings details Date: 14 July 2020 Time: 9.00 am to 5.00 pm Location: Canberra Date: 15 July 2020 Time: 9.00 am to 12.30 pm Location: Canberra   Media inquiries George Christensen MP Contact Lynnis Bonanno 0408 773 207 Lynnis.Bonanno@aph.gov.au For background information Joint Standing Committee on Trade and Investment Growth Secretariat 02 6277 2233 jsctig@aph.gov.au For more information about this Committee, you can visit its website. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right hand corner of the page.

The Joint Standing Committee on Trade and Investment Growth has commenced a new inquiry into the 2018-19 annual reports of the Department of Foreign Affairs and Trade and Austrade. The inquiry will focus on whether there is a need to diversify Australia’s trade markets; and Australia’s level of reliance on foreign investment.

Media release issue date: Friday, 28 February 2020

The Joint Standing Committee on Trade and Investment Growth has commenced a new inquiry into the 2018-19 annual reports of the Department of Foreign Affairs and Trade and Austrade. The inquiry will focus on whether there is a need to diversify Australia’s trade markets; and Australia’s level of reliance on foreign investment. Committee Chair George Christensen MP says recent international events have highlighted vulnerabilities in Australia’s economy to external impacts, and the importance of looking at ways to mitigate these risks. ‘As part of its inquiry, the Committee will consider whether Australia is too reliant on foreign investment and any one market for exports, and the advantages and disadvantages of its current trade and investment profile. The Committee will also examine how global crises and bilateral trade agreements affect Australia’s export and investment relationships, as well as its domestic market. ‘The action that industry and government is taking to diversify trade markets and ensure Australia is not overly reliant on foreign investment will also be examined,’ Mr Christensen said. Submissions from interested individuals, businesses and organisations are invited by Thursday, 9 April 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the Committee’s webpage. Media inquiries Lynnis Bonanno, from the office of Mr George Christensen MP, Chair 0408 773 207 Lynnis.Bonanno@aph.gov.au For background information Joint Standing Committee on Trade and Investment Growth Secretariat 02 6277 2233 jsctig@aph.gov.au