New modelling shows why the parliament must double down and fast track legislation implementing the TPP-11 to lock in higher incomes and lift living standards, Business Council chief executive Jennifer Westacott said today.

“The benefits to Australia are substantial. Modelling indicates the TPP-11 will increase Australia’s national income by $15.6 billion and that exports could be boosted by $29.9 billion by 2030, even without US participation.

“Higher national income means higher incomes for Australian households.

“It would be irresponsible to stall an Agreement which can improve living standards, particularly at a time of weak wages growth.

“The modelling also highlights the potential for even larger benefits once other countries join.

“If the Agreement was expanded to 16 countries, the modelling shows Australia’s national income would increase by $22.1 billion and exports by $48.1 billion by 2030.

“The parliament must take a long-term view of the TPP-11 as a platform to expand the membership in the future.

“Not passing the legislation now could also have serious implications at a time of rising international trade tensions.

“Signalling any reversal would not only harm Australia but could further weaken support for a liberal world trading order.

“Australia has been a global leader championing trade liberalisation, which has both benefited Australians and lifted millions out of poverty overseas.

“This is something the parliament can do now to lock in improved living standards for our country.”

US economists Peter Petri and Michael Plummer prepared the modelling on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on behalf of 11 business groups including the Business Council.

The report updates 2016 modelling on the TPP (which included the US).

Read the full modelling report here – Australia will gain from continued Asia Pacific trade integration.