Free trade wind-back risks 270,000 Australian jobs

Australia risks losing 270,000 jobs and two per cent of the national economy if a global shift from free trade to protectionism marches on, modelling shows. 

The stark modelling was commissioned by the federal government ahead of this week's APEC world leaders meeting in Vietnam, and was published in The Australian today. 

Tensions over trade are expected to expose a key point of difference between Prime Minister Malcolm Turnbull and US President Donald Trump when the pair meet in Da Nang.

Mr Turnbull will push for an 11-nation Trans-Pacific Partnership to be sealed at APEC, without the US, which has withdrawn from the trade pact.

The partnership is aimed at making trade easier and more profitable for member nations. 

At the weekend, Mr Turnbull said free trade was under stress. 

The Centre for International Economics report shows Australian annual household incomes have increased by $8500 due to 30 years of trade liberalisation.

The modelling warns of a 3.5 per cent contraction in global economic growth from any worldwide roll back on free trade.

The Asia-Pacific region would be worst affected by any shift towards increased trade barriers.

With AAP.