Here is everything you need to know about it.
Trade body the Scotch Whisky Association (SWA) welcomed the free trade agreement. 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. Australians don't face the same demands when they go to the UK.
Britain is Australia's fifth largest trading partner with two-way goods and services valued at 36.6 billion Australian dollars ($28.2 billion) a year.
The UK exported £5.4 billion worth of services, including £1.4bn of insurance and pension services and £780m of financial services, to Australia in 2020.
The value of the deal is expected to increase UK GDP slightly over 15 years, worth an estimated 0.01 to 0.02%.
"It is also crucial that our Welsh MPs scrutinise this deal very carefully and consider what it will mean in real terms for the Welsh family farms and rural communities they represent".
The full details of the trade deal have not yet been disclosed, but it is centred nearly entirely on goods.
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The government listed out the benefits of the deal as helping Scotland by removing tariffs of up to 5 per cent on Scotch whisky; tariffs will be removed and customs procedures simplified on machinery and manufacturing goods; and auto manufacturers in the midlands and north of England, including Tata Motors owned Jaguar Land Rover, will see tariffs of up to 5 per cent cut, expected to boost the demand for their exports.
It will also scrap a requirement for British backpackers to work on Australian farms before extending their visas.
The Prime Minister said the deal does protect British farmers as they will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards.
Could it be bad news for British farmers?
Australian cow and sheep farmers, winemakers, whisky drinkers and young people looking to live overseas are the big winners from a historic free trade deal with the United Kingdom, according to new details released by Prime Minister Scott Morrison. "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 presidents of the IFA and the National Farmers' Union (NFU) will hold a bilateral meeting on Thursday (June 17) to discuss the implications of the deal.
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 deal, which is forecasted to boost U.K. GDP by a modest 0.02 percent over 15 years, has been a subject of concern for the agricultural sector, with British farmers warning that too much liberalization could set a risky precedent that would harm their industry.