 Thanks. It's really great to be here at another ABS Outlook conference, and I thank ABS for their continued commitment to the conference and to providing quality information for the agricultural sector in Australia. Information and research that's recognised both here and globally, and very, very important. I can recall many hours pouring over reports, particularly around agriculture and agricultural trade. So thank you again for the opportunity to be here. Today what I was looking to talk about in my new role, having left the agriculture portfolio in September last year and moved into the trade and investment portfolio, specifically having responsibility for tourism and international education, but also the opportunity to represent Australia in a number of forums in a trade and investment perspective, is about positioning Australia and our deliberate strategy around what I call and are increasingly becoming recognised as a Australia's super growth sectors. Now agriculture is obviously one of those, but so is tourism, international education, gas, energy and wealth management. That's been recognised by a number of key agencies over recent times, in fact some of our best and brightest Deloitte's, McKinsey's, BCA, the Future Economy Forum and of course one of our own agencies in Ostrade. The size of these five collectively matched that of mining at its peak. Together these sectors are predicted to add more than $250 billion over the next 20 years. With the right tailwinds there is a very real possibility we could see much more than that added to the economy and there's every reason to believe now is the time to capitalise on Australia's advantage. In fact in my view we ought to be capitalising on that right now. International engagement removes the constraints for growth in a nation with a population of only 24 million and gives us access to more than 600 million people in our neighbouring countries alone. Of great significance is that this population has age profiles that align to our service strengths, particularly tourism and education and a growing middle class seeking what we have to offer and that's protein, food, energy and wealth management. The world wants what we have got and the more we play the stronger we get. As well as talking today about the success of agriculture exports I want to mention the intersection of three of the super growth sectors, agriculture, tourism and international education. They intersect as major contributors to the economy, they intersect as demand for Australia's food and wine offerings continue to skyrocket and also because agriculture is much more than selling produce. It's also about the world wanting to know how we farm, how we produce such great food, wine and also Australia's education expertise in agricultural production systems and in that space I believe we have a huge amount to offer and in some cases we actually don't even understand what we've got. The other intersection point is around international investment. Australian agriculture has performed very solidly in recent years. This is the result of a strong economy overall on the back of global food demand that is both growing and at the same time becoming more discerning. The increasing middle class of our major trading partners means the demand for protein is increasing rapidly. Farm exports are forecast to reach nearly 45 billion dollars in 2015-16 and that's a 37% increase since 2010-11. These figures are edging closer to our top exporter in mining. Iron ore currently tracking at 49 billion dollars and surpassing the number two on the list, coal at 37 billion dollars and are exports to Asian markets in particular are expected to grow even more as a result of the entry into force of FTAs with our three major markets in North Asia and eventually the TPP. There have already been major commercial successes as a result of these three North Asian FTAs which I'll come to later. At the same time there have been success stories in other markets. Our beef exports to the US are a case in point. Last year US demand for Australian beef was so high that export volumes exceeded the US WTO beef quota. Our producers had recourse to the special beef quota negotiated under the Australia-US Free Trade Agreement for the first time since it came into force. Since 2013 the government under the able leadership of my good friend and colleague Andrew Robb has negotiated free trade agreements at a very steady clip and Andrew will go down deservedly as I think based on the numbers as our most successful trade minister in history. When you negotiate free trade agreements that cover 60% of your trade by virtue of the numbers no one can do any better. Bilaterally we've signed free trade agreements with Korea, Japan and then China all of which have entered into force. In addition the government has recognized the importance of active implementation and follow-up of these free trade agreements. It's not simply enough to negotiate a great agreement we need to explain to producers how to use it. Accordingly we've invested significant resources in explaining to business the opportunities these agreements have opened up through free trade agreement information seminars across the country and through the creation of an FTA portal which provides easy access to clear technical information on how to use FTAs. We've made good progress in bilateral negotiations with India and reinvigorated negotiations with Indonesia and I have to say these are not easy negotiations but the important thing is that we have the political will to succeed. We've started the progress towards a comprehensive and high quality free trade agreement with the EU and officials have already begun the work on an FTA scoping exercise. This is important for the agricultural sector as the EU is the only one of our top 10 export markets with which we have not already negotiated an FTA or with which we do not have FTA negotiations in train. Regionally the Trans-Pacific Partnership was signed by Australian and 11 other countries on the 4th of February and TPP countries are working to achieve ratification so that it can into into force as soon as possible. We've also made good progress in the regional comprehensive economic partnership RCEP negotiations. This will build on and expand Australia's existing FTA with ASEAN and New Zealand and it complements the TPP including the involvement of China and India and I don't think we can underscore the importance of having solid basic frameworks that span across all of these negotiations and agreements that provide similar terms for the management of trade. Those underpinning frameworks which we're looking at across all our free trade agreements, people understanding a common set of rules make a real difference. At the multilateral level we've even been able to rack up some gains in a forum that many thought was moribund to be friendly. Some thought dead, the WTO. In December last year Australia played a key role in securing agreement to end agricultural export subsidies. These subsidies have long been recognised as the most trade distorting form of support. They are a key piece of unfinished business from the Uragray around and importantly this will help level the playing field for our farmers. Collectively these agreements arguably represent the most significant opening of agricultural markets negotiated by any Australian government and certainly since the Uragray around started more than 20 years ago. Just a little bit on the difference that they'll make for our rural communities and farming communities. The Korea Australia FTA has already set off seen three sets of tariff reductions since it entered into force late in 2014. CAFTA immediately eliminated tariffs on wheat, sugar, wine, fodder and many horticultural products. Tariffs on beef, cheese, lamb and other products will be eliminated over time. As a result Australia's beef exports to Korea grew by 30% in 2015. Exports of fresh cherries to Korea have grown tenfold and the value of bottled wine exports has grown by more than half. All these things are making a real difference. Tasmanian cherry grower reed fruits and you've probably heard this state a number of times saw exports to Korea grow from five tonnes before the FTA to 183 tonnes after the 24% tariff was eliminated under CAFTA and I can tell you knowing Tim quite well it's made a real difference to his business. Lismore based Macadamia marketing international has seen its sales to Korea grow from 100 to 250 tonnes and expects to see further doubling each year for the next five years. The tariff on Macadamias has now been reduced three times from 30% down to 12% and will be completely phased out by 2018. The CAFTA outcome was crucial when you consider that competitors from the US, EU and ASEAN already enjoyed preferential access to Korea and given that Canada's own FTA with Korea entered into force shortly after ours. When we come to Japan, one of the things that really has made a difference and I was fortunate to see that firsthand last year was the look again effect of negotiating these free trade agreements and the impact that they had in there in those markets where there are changed economic circumstances. It really does make those economies have another look at Australia in a circumstance where we would probably all consider Japan to be quite a mature market and one that we've understood very well. Under the Japan free economic partnership agreement tariffs on exports of fresh beef to Japan have already fallen from 38.5% to 31.5%. They will fall again on the 1st of April this year to 30.5% and as a result, exports of fresh beef to Japan grew by 22% in 2015. Queensland based Australian Agricultural Company, which is the largest vertically integrated livestock producer in Australia has doubled the size of its market in Japan in the last couple of years and continues to expect that continued growth as a result of the agreement. The 15% Japanese tariff on bottled wine will be eliminated by 2021 and immediately in the case of larger volumes of bulk wine. Australian bulk wine exports to Japan doubled in 2015. Birch family wines, a family owned winery in Western Australia has been receiving rising levels of interest from larger Japanese distributors and partners as a result of that process. In horticulture, we've seen a tin fold increase in exports to Japan of fresh table grapes and shelled almonds between 2014 and 2015 along with increases of 53% for rolled oats and 23% for fresh asparagus. The Japan-Australia economic partnership agreement was important in a broader sense. It, as Japan's first real agreement with a major agricultural exporter, it was a key step in the RBA government's economic reform agenda and helped ease Japan's path to a more ambitious agriculture outcome in the TPP. And I can tell you, having been to Japan in 2004 when we were commencing, 2005, sorry, when we were commencing negotiations on the free trade agreement, the first argument was whether we actually had agriculture in the Japan negotiations for the Japan agreement at all. So in that context, the outcome we got, I think, was very good. The China free trade agreement completed our trifecta in Northern Asia. The chapter will play a level of playing field against other agricultural exporters that have FTAs with China and deep in Australian exporters competitive advantages over key competitors, such as the US and Brazil. Under chapter tariffs on dairy, beef, wine, all of which range up to between 20 and 25% will be eliminated by 20, 24 and 2019, respectively. Although it only came into force nine weeks ago, it is already delivering results. Western Australia's gelatin fisherman's co-op says it has strengthened its market position as the 15% tariff on live lobster exports to China was cut to 9% for Australian produce and will be completely phased out by 2019. The cooperative has established a dedicated warehouse for live lobster at Bayoune Airport near Guangzhou. The first time an Australian seafood company has held its produce on Chinese soil. The cooperative has said that chapter has helped them to forge partnerships to supply live lobsters from Australia to their tanks in Guangzhou in less than 16 hours. One of the most efficient live rock lobster supply chains in the world, and they're now positioning themselves to be the market leader ahead of tariff free trade in 2019. A key outcome of the tariff cutting commitments we've achieved in these three North Asian FTAs is that they've made Australia a go-to location to invest in in order to export to North Asia. No other major economy can provide such extensive preferential access into these important growth markets. This in turn makes our economy more attractive to international capital looking for growth opportunities, not just from North Asia, but from all over the world. The same will be true from the Trans Pacific Partnership. So with the case for opportunity built, the story now gets a little bit more interesting. To grow, we need capital. Australia is a small, open and trading economy within capital markets. Australian savings are simply not sufficient enough to fund the investment opportunities and consequent standard of living that we expect. So not only should we welcome foreign investment, we need it. Between now and 2050, Australia's food industry will need up to $1 trillion in additional capital investment to increase its size and productivity and global investment and competitiveness. We must look both onshore and offshore for capital that drives innovation and in turn productivity, jobs and growth. The alternative is to boost our savings by spending less. Spending less really is not necessarily an attractive proposal in that space. The recent modelling based on data since 2000 shows that a $1 billion increase in international investment would result in the creation of around 1,000 jobs. Historically, I think we all understand most of our capital has come from Europe and the United States. But as the global economy recalibrates towards Asia, we have the opportunity to refocus our attention to regions closer to home. It is important that Australians are assured and understand that new money coming to our economy drives jobs and growth. But equally we must provide clarity and certainty and transparency to investors. One of the most common questions that I get asked when I am working internationally, talking to major investors in and around our economy and particularly in agriculture, is are you genuinely interested in investment from us? We say we are, but some of the rhetoric coming out of Australia doesn't necessarily indicate that we welcome it. And that message does resonate and it's heard. In fact, I was in the Middle East only in January and it was put to me in those simple plain terms. Are you genuinely interested in international investment? And that comes down to those who criticise the government's approval decisions for international investment as a betrayal. They should realise that the real betrayal would be foregone jobs and growth. And having Australia's potential growth stymied. We've grown up as a nation that competes internationally and that's what has actually positioned us so strongly. The fact that we are an open economy drives innovation and it drives productivity. And that's why I would back us in any international trade competition because we are such an innovative nation that has benefitted from the fact that we have had to work hard and continue to innovate to be amongst the leaders in the world. And that's why I indicated earlier that our knowledge and understanding is such a valuable asset internationally. A couple of different sorts of agricultural opportunities that feature in my work in tourism and international portfolio. Two of the other five super growth sectors. Farm food and wine tourism figures released today show some amazing trajectories. In addition to almost half of all tourism dollars being spent in regional Australia it's 44 percent. Visits to farms increased so farm tourism increased by 14 percent last year. And to wineries there was a remarkable increase of 37 percent. So again the quality of our food and agricultural offering is actually being demonstrated in these visitation numbers. In my discussions with trading partners during recent business trips overseas what is quite clear is that the new luxury is not about star ratings. It's about experiences. Genuine experiences surrounded by natural beauty and unsurpassed quality food and wine. Australia and Australian farming has this in spades. We all know that. We all understand that. And talking to the high end providers tour operators guides they are the features that we're talking about. When tourism Australia started its restaurant Australia campaign a few years ago we were ranked number 10 in the world for the recognition of our high quality food offering. That is now number six. And talking to some of the leading players in tourism in the United States last week the thing that they talked about was our food. And I don't know how many of you might have seen it. But Condé Nast one of the major international tourism magazines based out of the US did a feature on Australian tourism naming us as the single destination to attend in 2016 and talking to them last week they said it has been their most successful campaign ever. And interestingly at the National Tourism Awards just a few weeks ago four of the 26 categories were taken out by food, wine and farmstay businesses. So Keringa Farm Tours in Tasmania, Green Olive at Red Hill, Pezzini Wine Celladour in Victoria and Food and Wine Farmgate in South Australia all featured highly in those National Tourism Awards. So huge opportunity I think to continue to grow in that space. And I've had a number of people talking to me over recent times about their proposed developments for tourism in around the agricultural space from all over the country. The other opportunity that I see for agriculture is in the international education space. Australia's offerings in agriculture education are world renowned. Not only do we already educate close to half a million students onshore here in Australia but the potential to extend our reach offshore through provision of online learning and consortia approaches to particularly vocational education is outstanding. Our closest trading partners have identified the need to train millions of people at many in primary production systems and I'm not sure if I spoke about it last year or not but certainly when I was in India last year talking to their dairy industry in particular when you consider that their dairy sector is its productivity rate is five litres per cow per day and ours is 25 litres per cow per day. There are so many things that our farmers that our industry do by way of just everyday business that are done for this farming sector in India by government or some other provider. There is huge opportunity in my view to develop an offering there and that's what I mean when I say I don't think we actually really understand what we have. So in conclusion we I believe have achieved a great deal for agriculture through the activities of our trade negotiations so far. There's already been a significant impact but as the figures show this impact is going to grow as agreements achieve full implementation and we continue to do the work with additional resources we've allocated towards some of those particular market access issues that we've still got to resolve. We have a very very proud history of energy and activity and achievement in trade diplomacy. We've been a leader in many of those settings and we will continue to play a significant role and given that agriculture is such a key part of our economy and is one of those five super growth sectors obviously it will be foremost in our minds as we continue those international trade negotiations. What we're looking to do is to provide the basis and the frameworks for the agricultural sector in this country to continue to prosper and to grow. We can't do it for you but what we can and should do is put the settings in place that provide for you as a sector to be able to do it and that will be the focus of our continued negotiations and work. So thank you for the opportunity to be here and thank thank you for your attention this morning. Thank you.