Boris Johnson Scott Morrison G7
(Image: Peter Nicholls/PA Wire)

You know that the so-called Australia-UK Free Trade Agreement is small beer when Boris Johnson declines to "exaggerate the overall increase of respective GDPs from this", and says "it's more important politically and symbolically".

The numbers being bandied around about the benefits are rounding errors for both economies -- 0.02% of GDP for the UK and 0.06% for Australia, though at least the UK media immediately placed the numbers under scrutiny rather than parroting them like Australian journalists did.

The fact that Australia got so little, especially for its beef exporters, who'll have to wait until the late 2030s for proper access to the UK, is economically irrelevant but interesting politically.