The Australia-United States Free Trade Agreement (AUSFTA), which came into force in 2005, was a terrible deal for Australia that benefited the US at our expense.
The Crawford School of Public Policy at the Australian National University (ANU) investigated AUSFTA and found that, a decade after its signing, the deal had diverted more trade than it generated.
According to Peter Drysdale of ANU, “Australia alone has suffered trade losses [from AUSFTA] the annual equivalent of the current price of around 18 Japanese, German, Swedish or French submarines through this deal”.
