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Trade boosts household income by $3,900 a year

Trade boosts household income by $3,900 a year article image

A study conducted by the The Centre for International Economics shows that trade liberalisation has benefited households by up to $3,900 a year. Minister for Trade Simon Crean released results from the study, which showed that a rise in gross domestic product of up to 3.5 percent over two decades was due to trade liberalisation. Crean's department has been under pressure from the ACTU's 'Buy Australian' campaign. "We are determined to fight protectionism at home and abroad," he said, adding that the results from the study were "a strong reminder that Australia needs to remain engaged with the world - not retreat from it - in the face of the global recession". The Australian government protested against the potential 'Buy American' clause in the Obama stimulus package earlier and has recently objected to dairy export subsidies reintroduced in Europe. One in five Australia jobs are trade-related.

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