The Abbott Government must end the investment uncertainty it has created over Australian coal exports to China by coming clean on any agreements it has reached with the Chinese government.
The Government has made a series of contradictory claims about the punitive new Chinese tariffs imposed on Australian coal exports.
The Treasurer Joe Hockey said yesterday that the coal tariffs announced earlier this month came as a complete surprise to the Government.
Yet the Minister for Trade and Investment, Andrew Robb, has told the media that he negotiated the removal of the Chinese tariffs before they were announced.
At the same time, The Australian Financial Review has reported that the Government is willing to cop a free trade agreement (FTA) with China which leaves the coal tariffs in place.
It quotes a Government source saying the Government had canvassed signing up to an FTA where China agreed only to review the coal tariffs in 12 months.
This is not good enough.
Beijings new coal tariffs hit Australias coal exports to China, worth $9 billion a year.
The Government must tell the industry, workers and investors what agreements it has reached with Beijing.
Trade agreements are not photo opportunities, they are economic instruments which have real impacts on businesses, investors, employees and communities.
Tony Abbott has already eroded Australias bargaining position by setting a pubic deadline for finalising the China FTA negotiations. The Government should stay at the table to get the right deal in Australias national interest.
He needs to reassure Australian industries that he will not sell out some sectors to secure a sub-standard trade deal as a political trophy.
The Government must negotiate a high quality trade FTA with China that creates jobs and new export opportunities for Australians in agriculture, manufacturing and services as well as in the resources sector.