UK-Australia Free Trade Agreement

Last year’s impact assessment was obviously a snapshot at the time. As the deal has continued to evolve from the agreement in principle back in June 2021, which was 12 pages of broad-brush direction of travel, the team has genuinely worked tirelessly. Working with a country in a different time zone, the team has worked through the night for many months to make sure that we drew this deal together. The continued development of all these areas has enabled us to review the original assessment. I am very happy for my officials to sit down with the hon. Lady to talk her through in more detail how we have reached this point. All these things are a moment in time, and we now have an assessment that I very much hope will be an underestimate as we see new business—we have been working on the basis of the existing businesses. We look to new businesses taking up the opportunities that this trade deal affords, so that we can grow our bilateral trade even further.