Support 100 years of independent journalism.

  1. World
16 June 2021updated 31 Aug 2021 6:47am

How the UK-Australia free trade agreement is worth 200 times less than EU membership

The government’s own estimates suggest that the Australia deal will only boost GDP by 0.02 per cent, compared to a 4 per cent loss from Brexit.

By Patrick Scott

The added value of the UK’s new Australia free trade agreement appears paltry when compared to the expected cost of Brexit. 

The government’s own forecasts estimate that the deal will likely be worth around 0.02 per cent of GDP annually over the next 15 years. This amount is around 200 times smaller than the 4 per cent loss that the government estimates the UK will suffer from leaving the EU.

 

Australia, of course, isn’t the only country with which the UK will be able to sign a new trade deal and nor is it the biggest (though even a US trade deal would only be worth an estimated 0.16 per cent.) 

But the figures serve to underline just how far there is for Brexit Britain to go before it even achieves parity with its previous position as an EU member state.

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
I consent to New Statesman Media Group collecting my details provided via this form in accordance with the Privacy Policy
THANK YOU

Content from our partners
Why competition is the key to customer satisfaction
High streets remain vitally important to local communities
The future of gas