AAS Magazine Vol 1 March 2017 Mar. 2017 Vol 1 | Page 7

AAS: Australia is an open economy enjoying its 26th year of continuous economic growth. What do you believe are the pillars for this success?

BG: Australia is forecast to realise average annual real GDP growth of 2.9 % over the next five years – the highest among major advanced economies. Last year we were the fastest-growing economy in the OECD at 3.3%. Having grown more than 3% on average each year since 1992, we are the only major developed economy to have recorded no annual recessions in that period.

That record of growth was not easily earned. Our success is built on strong institutions, a diversified economy, a very substantial program of economic reform, deep trade links with a growing Asia, sound macroeconomic policies (including a flexible currency), and a talented, multicultural, innovative workforce.

Having achieved so much, and with such capabilities, resources and opportunities, there is every reason for us to be optimistic for our future. With a flat world economy, and an environment where competition is rising and every business model is subject to disruption, we will have to work harder and smarter to maintain our prosperity.

AAS.Under the Comprehensive Strategic Partnership (CSP) signed between Singapore and Australia in 2015, and the Australian Government's own ambitious ten year Project 2025 vision, our economies will become even more integrated through the pillars of research, security and trade. What are your priorities in your first 100 days?

BG: Singapore is already a top trade and investment partner, but we want to broaden and deepen our economic and trade relationship. Commodities such as gold and petroleum have traditionally been our main exports, but in recent years, professional services have become our biggest export to Singapore.

The third review of the Singapore Australia Free Trade Agreement (SAFTA) underscores this by easing labour mobility, supporting the mutual recognition of qualifications, opening up government procurement opportunities, and increasing certainty for law firms, universities and financial services providers. We have also committed to the free flow of data across borders for service suppliers and not imposing duties on digital products.

I want to lift even further our efforts to assist our businesses grow in Singapore and in the

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H.E. MR BRUCE GOSPER'S

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