AU
As seen in: Herald Sun
Author: Jade Gailberger
Australian exports to the UK have hit a massive $5bn, with beef, fruit, medical device and solar industries reaping the benefits of the free trade deal between the two nations.
New figures reveal there has been a 100 per cent increase in the first 10 months of the agreement, with two-way trade up 36 per cent to $11.8bn.
Tariffs on at least 99 per cent of goods were scrapped under the deal, which has resulted in beef exports skyrocketing 429 per cent to $51.8m.
Fruit exports including mandarins has soared 291 per cent to $1.5m, while medical devices
such as implants are up 769 per cent to $106.8m.
Speaking on the one-year anniversary, Anthony Albanese said the deal continued to strengthen the already close relationship between Australia and the UK.
The Prime Minister said it had also enabled Australia to share its world-class and innovative solar technologies to help reduce power bills and drive more clean energy into the UK.
"This is what our Future Made in Australia plan is all about-seizing the opportunities and benefits of Australian invention in the transition towards net zero, as well as securing our country's place in the world as a renewable superpower by exporting our innovations and expertise to the world," Mr Albanese said.
Victorian solar company Allume Energy has seized on the opportunities from the free trade deal - with its world-first technology that allows apartments in the same building to share a single rooftop solar system being rolled out across the UK.
The hardware means the electricity produced is split fairly to residents and common areas over a billing period, cutting energy bills by up to 60 per cent.
Allume chief executive Cameron Knox said new visa provisions had enabled UK innovators to come to Australia to help them build capacity and scale its technology, as well as establish an overseas team to meet growing demand.
"In the past year, Allume has grown its export income by over 200 per cent and the UK has become our fastest growing market, with an average quarter on quarter growth of over 50 per cent," Mr Knox said.
Trade Minister Don Farrell said Allume's success highlighted how the agreement was helping to grow Australia's home-grown manufacturing capabilities, create new wellpaying jobs, and reduce the cost of living.
"The Albanese government is striving to unlock more trade opportunities for Australian businesses, exporters, farmers and producers seeking to diversify into new markets," Mr Farrell said.