Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
ABC News 24 Business Today -

View in ParlView

(generated from captions) This program is not captioned. This program is not captioned.

This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned.

This program is not captioned. detail of what's been negotiated over the years, and in a sense what hasn't negotiated over the in a sense negotiated over the years,
there there is such an enormous interest for Australia to be able to interest able to conclude a free able to conclude a free trade agreement with able to conclude a

able to conclude a free trade

This is the most valuable market in the world and our future in terms of the economic engagement with China will be more and more about us trying to place goods and services into the Chinese economy, servicing this incredibly - this incredible growing middle class that we are see emerge in China.And as the value of our resource trade to China is going to decline over the year, perhaps not our volume of our trade but z our value of it is going to decline, it is really important that we start to redefine the basis on. So we've put forward a proposal which we saw as being a framework to conclude -What was contained in the proposal, Richard Marles?It's difficult for me to go through the details of that. But what we did is we looked at the areas of concern that they have and they want to & greater flexibility in terms of investment into Australia, in terms of people movement and not surprisingly in terms of tariff reauction. From an also want to see a significant package of tariff reduction s also want to see a for our products and services going into China and that is particularly the case in agriculture, but it's also the case in services which are going to be an increasing part of the way in which we trade with China. Now, the response to the package that we put forward, I think albeit an initial response was excellent on the part of the China and I really do hope this now heralds the way forward for us to take the investigations on a different track and a track which results in a conclusion of the agreementThose two points you mentioned there, Minister, they have been sticking points for quite some time. So do you see there will be movement on those?What we have said is we are we are prepared to look at the ierks the Chinese have in a flexible way and an open minded way. I can't go through the specifics of what we have put forward to the Chinese but we have put some specifics to them.Why can't you go through the specifics?That is a matter for us to negotiate with the Chinese and the basis on which we put forward those specifics are in the context of a package - but it is of national interest.Of course it is. But it's also important I think that we are able to have negotiations with the Chinese, in a way which enables everyone around the negotiating table, the freedom to put forward ideas and to try and work out an ultimate package. It is important that we respect that processBut what I can say is we have put forward a specific proposal and we hope it is a brauborough in the negotiations and that was the word that the Chinese were using last Wednesday when they heard what we had to say.So I am en couraged that the idea that we can put these negotiations on a path to a conclusion. Because I think what we have been looking at over the previous rounds of of negotiations are issued which have been sticking pointses and they've been important sticking points but they have got in the way of the bigger picture. The bigger picture is ta from an Australian point of view we need to see ourselves in a free trading agreement with China.Our competitors, country s like New Zealand an Chile in agriculture for example are benefitting from a free trade agreement with China and we have a growing definitial, tariff differential between China, between sorry New Zealand and Chile on the one hand and the and others on the other in the way in which we put product into China.I am just going to break in there, excuse me for interrupting but these negotiations have been going for over eight years. You've just connected a 20th rournd h of discussions. This is your - first discussion as a Federal Trade Minister.How confident are you that you can really broker some sort of deal and push forward on this?I do feel optimistic about this. Let's go to your point. You are right. These negotiation having going on since 2005. We negotiations. We gone through 19 rounds some progress here. We gone through 19 rounds of
negotiations. We some progress here. We have too
much at stake some progress here. We much at stake in terms of our much national interest much at stake in terms of national set of negotiations get bogged down in set of negotiations down in the weeds and
unfortunately I think set of negotiations get bogged
down unfortunately I think that is
what down in the weeds and unfortunately what we have been siege
happening unfortunately I think that is
what happening which is why we need to take a step back and happening which is why we prepared
to take a step back and be prepared to to take a step back prepared to think in a
different way and to take a step back and be
prepared to different way and be prepared
to be prepared to think in a
different to be more flexible on the issues to issues of concern to China. issues of concern as I hope China will be more flexible on the issue of concern to ourselves.Now, the initial response that we got from the Chinese leadership last Wednesday was excel wrents. There is obviously water to go under the wrents. There is water to go under the bridge but in answer to your question I do feel optimist ic we can put this on a different path and a path which sees a conclusion to these negotiation s in the not too distant future.The PM Kevin Rudd has said that it's a privaty for his new Government to finalise this prior to an election, that is coming up pretty soon. It is going to be before the ends of the year.Well, the one thing I have learnt in the short time of being a Trade Minister is it's a very brave Trade Minister who tries to put a timeline on a set of negotiations.But the PM has done that for you.I think the PM is keen for us to try to make real headway into these negotiations before the election and that's what's occurring. There is no doubt that is what's occurring. I do believe that we can conclude an agreement with China in the not too distant future. What we need to do is be putting these negotiations on a different path and a path which is clearly -What is the not too distant future?anoment about to put a timeline on that because, having seen these negotiations go since 2005, it would be a brave person to do that. But I do think that we we have an an ability to put these negotiations on a track and one which does have a conclusion at the end of the the it. I believe the's what we have done.To what extent are the Chinese concerned or waiting and watching for the result of the Federal election, given that there might be a change of Government?Look, I think that the Chinese - let me go back a step. Trade negotiations occur in the context of political cycles, that is true. But having said that, this agreement or these negotiations toward an agreement as you rightly point out have been go on since 2005.Many electoral cycles have gone through since the negotiations started and yet there is a continuum to these change negotiations. Sure, do the Chinese have in mind we're going to an election, of course. But is it also significant that we can put these negotiations on a different path right now?The yeah answer is it is. I think the choon keez saw that and are keen to pursue negotiations in a different way and do that on the basis of an agreement.China actually changes leaders once in quite
decade. We have changed leaders quite a decade. We have quite a lot recently.Yes. That observation can be made. But I reit rate the observation can be made. But reit rate the point you reit rate the point you look at any trade negotiations we have pursued a as country and pursued a as country and they have gone over multiple have electoral cycles. This one is no different and has already gone through a number of electoral cycles until now. Yes, there is an election around the Yes, there is an around the corner is obviously relevant but does utd mient's impossible to negotiate an agreement? Its doesn't and it obviously doesn't when the agreement is being negotiated across a number of terms of government and through a number of election s. What really matters is that we actual pi put something substantively forward which we have now done which put these negotiations on a path that has a realistic chance of reaching conclusion and that's what we have done.Thank you for joining us.Thank you.As the mining boom winds down, another sector's pick up the slack, a new report has identified fresh challenge force the Australian economy. Economic forecasting agency bis by says the next 12 months will be a critical test of how quickly the construction sector can take over as a leading source of economic growth. BIS Shrapnel is building in Australia report suggests there will be little overall growth in residential construction in the m coming year. Housing construction in NSW, Queensland and WA is expected to pick up in the next two years. But activity is forecast to stall in other States.The the Western Australian Premier has confirmed there will be significant cuts to programs and services in next week's State Budget. But won't say which area s will be affected. Colin Barnett is also warning of possible delays in the capital works program but says all major commitments are currently on track.In a break from tradition, the Government is releasing its Budget in August instead of the usual month of May.I think the Budget is being princed right now.The Premier is hosing down expectation of any budget goodies. He says the State's finances are very tight and in order to achieve budget surpluses difficult decisions have had to be made.We are re-examining a lot of programs, a lot of service s that may have been there for a long time and really assessing whether they need to continue and perhaps there's better way of spending the taxpayers' money.It sounds to me like it will be a Budget which hurts families, hurting services and break s promises.The Premier won't say where the cut s will be made but has previously consided front-line services in health and education will be affected as the Government moves to slash more than a thousand public sector jobs. While there's been speculation that record debt the Government sca to scale
back that record debt would force
the Government sca works program, the back its ambitious works program, the Premier says
the works program, the the big ticket items including max light rail and heavy rain to the airport are all going ahead but he is not sticking with his election promise of when they will be completed.The major announcements are on track but again we just have to treat that on a year to year basis.Gee we went to a State elect four months ago in which Mr Barnett backed all sort of things.Mr Barnett says an unfair GST system has left WA 400 million dollars wo worse off this year and is making it all the harder to pal bsh - balance the books.Vietnam has a taste for coffee having inherited the tradition from the French it's also become a leading exporter of the raw truct product buvenlt no now tables are being turned as Western coffee chains muscle in on their traditional turf. Is battle is brewing in Vietnam and it's not over traditional territory.Unlike its South-East Asian neighbours I have naement is not a nation of tea drinkers but coffee is the beverage of choice, a legacy from French colonial days. TRANSLATION: Vietnam is one of the most prominent coffee culters in the world besides Italy and Turkey. The French brought in the Koffee filter and we have kept it. Vietnam's drip coffee is popular with people around the world.It might be a sickly sweet brew including condensed milk but coffee culture has endure ed in Hanoi and Ho Chi Minh City and it's observed with no less time honoured vitual. - ritule. TRANSLATION: I drink this coffee every day. The Vietnam ese coffee is strong in flavour and taste. It is not weak like the imported ones. And waiteding for the coffee to drip through is relaxing and gives you time to catch up with friends or talk business.It's drew brew ed with Vietnam's home drown bureau busta coffee beans and the national coffee crop continues to expand, to beat both the domestic and growing overseas demand.Vietnam now exports a billion tonnes of coffee beans a year. Recently surpassing Brazil as the world's largest coffee exporter.And these plantations are worth more than 3.5 billion dollar s annually to the Vietnamese economy. But now industry leadered are getting a taste of their own medicine, as international chains enter the local market offering western-style coffee.US giant Starbucks is the latest to set up shop. At around $3.50 a cup it's expensive by local standards but there's no shortage of interest with queues often forming at this store in Ho Chi Minh City.I the coffee here it tastes very good. I come here with my friends to enjoy the drinks and the modern atmosphere.After a decades of often stratos yib growth, Vietnam's economy has slowed recently to less than% for this year, partly due to troubling in the banking sector. With the highest bad debt levels in south-east Asia, lines of cred yoit to Vietnam ese businesses have been serious ly curtailed. Still the likes of Starbucks are a big draw card for the growing Vietnamese middle class with 68% of the population born after 1975 there is strong demand among this generation for branded goods. TRANSLATION: I can say that most of the people who go to the foreign coffee chains, they're not really going to drink coffee. They are after other values but not for the coffee per se.Starbucks already operating more than 3,300 store s across 11 countries in the Asia Pacific region.And its rent entry into Vietnam marks the latest salvo in a campaign to woo Asian's emerging middle classes.Millions of dollars worth of rare books were on display at Australia's premiere antique book fair over the weekend. The selection ranged from delicate re-Nason text to modern pulp fiction with price tags to match. How much could one piece of paper possibly be worst?This one page from the Gutenberg bible is priced at
$85,000 Gutenberg bible is priced $85,000 .zIt's a page from the $85,000 .zIt's a West's first printed book, the West's first printed Gutenberg bible, it date s from Gutenberg 1455.All complete copies 1455.All complete copies of the Gutenberg bible are now held in public collections and not available for sale. If one was to hit the open market it would easily gotor $30 to $50 million.Which paik maigs the price of this 500-year-old Swiss anatomy book seem like a bargain. Will only set you back $385,000. Vendors say while the buying market for such ultra rare titles is small in Australia, these books can sell. A first edition of newtian's prince pip ka mathematica is reportedly generating serious interest in buyers.We come along and show these books and hopefully at some point in the future maybe we will get a sale.It's not just renaissance text s that go for big bucks. This first edition of the 'Great Gatsby' costs $200,000.The artistic fature of dust jacket means it's become the number one collectable object.While Australian text s are generally less valuable, some are still serious collector's items including maps drawn before the time of Captain Cook. In other business news France's publicist and American form honourable member ni come have unveiled plans to merge creating advertising creating the world's biggest
advertising group. The newly formed company will be worth more than $35 formed company will be more than $35 billion and will include top industry names Sacchi and Sacchi and include top industry Sacchi and Sacchi and Leo
Burnett limit be listed in both pairs and New York and employ more than 130,000 people.Ahead of the China's air grow Show has been a showered paragliders that can fly up to 70km/h, supporters say the device s are safer than riding moat other bikes and applications include the tourism and aviation industries.And in the French rif eer yau, - rifeer ya, an armed man has made off with jewels worth more than $50 billion. He struck at a jewellery exhibition being held at one of Cannes finest hotels. Ironically the Carlton Hotel is where Alfred Hitchcock shot his 1955 film classic 'To Catch a Thief'.And now let's take a look at what's making headlines around the region. The 'Wall Street Journal' reports a of skin whitening products by a company has shaken the industry. .And the Hong Kong Standard says that the securities and futures Commission has applied for the liquidation of China, metal recycling which could leave investors with absolutely nothing.That is all for this edition of Business Today. If you would like any more information on the program, please check out our website or follow me on Twitter. Thanks for joining me. Enjoy your day.

Closed Captions by CSI

This program is not subtitled This program is not captioned. This program is not captioned.

This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned.

This morning - Kevin Rudd's Cabinet meets to finalise spending cuts. Still no word on an election date.

This Program is Captioned Live.

The PNG solution, the final cargo plane heads to Port Moresby for the expansion of the detention centre on Manus Island.Getting heart smart - a report finds more than half of heart attack fatalities of people who have had a previous attack. Former NRL and State of Origin coach Graham Murray dies in Brisbane. He was 58.

in Brisbane. He was 58. Good morning. You're watching ABC News 24. I'm Joe O'Brien. Taking a quick look at the weather first.

Federal Cabinet is meeting