According to officials, the free trade deal will eliminate tariffs on Australian favourites like Jacob's Creek crackers and Hardys wines, swimwear and confectionery, boosting choice for British consumers and saving households up to 34 million pounds a year.
The UK exported £5.4bn worth of services, including £1.4bn of insurance and pension services and £780m of financial services, to Australia in 2020.
For better or worse, the new trade deal with Australia has set the blueprint for Global Britain's subsequent agreements around the world.
She said: "Our preference is always for tariff-free trade, which enables scotch whisky to compete on a level playing field and on the strength of our reputation for quality".
The value of the deal is expected to increase UK GDP slightly over 15 years, worth an estimated 0.01 to 0.02%.
What are the terms of the deal?
Karen Betts, chief executive of the Scotch Whisky Association, said the deal would help producers continue to expand Australia export markets, which have nearly doubled in size over the past decade, but said the industry hoped to get further legal protections. The Minister for Economy will be meeting the UK Government's Minister of State for Trade Policy this afternoon to discuss the deal.
The leaders reaffirmed the enduring partnership between the United Kingdom and Australia during their discussion and agreed to work closely together on defence, technology collaboration and tackling climate change - including through a future Clean Tech Partnership.
And, the FTA also means that Brits under the age of 35 will be able to travel and work in Australia more freely and vice versa. It is a fundamentally liberalising agreement that removes tariffs on all British goods, opens new opportunities for our services providers and tech firms, and makes it easier for our people to travel and work together, said Liz Truss, UK International Trade Secretary.
Could it be bad news for British farmers?
"Australian farming allows the use of 71 highly hazardous substances and thousands more types of pesticides that are now banned in the U.K".
The UK Trade and Business Commission - a newly-formed cross-party - has sounded the alarm over the deal, which it insisted had not been properly seen or examined by MPs.
The country is home to eight of the 10 biggest farms in the world - including one which is larger than Israel.
The National Farmers Union (NFU) Cymru has said it will need to see the details of the 15-year cap before reaching a decision on whether Welsh and British farmers are being protected.
Meanwhile, concerns over the deal have been raised in Scotland, with ministers saying the farming industry could become overwhelmed if the market is saturated with lower-standard goods.
The UK-Australia trade relationship was worth £13.9 billion previous year and is set to grow under the deal, creating opportunities for businesses and producers in every part of the UK.
Australian environmental standards are also an issue.
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