A rollback of free trade agreements could lead to a loss of 270,000 Australian jobs and a reduction in household incomes by around A$8,500 a year, according to a report released by the Department of Foreign Affairs and Trade (DFAT). But this is an incomplete picture of the factors that affect trade, both now and into the future. Services (such as education, tourism and telecommunications) now dominate Australian production and exports. The DFAT report is based on an assessment of trade and exports over the past 30 years, during which merchandise and manufacturing were more important. Services are not nearly as ... (full story)