Albanese concerned Liz Truss’ resignation could delay Aus-UK free trade agreement

Anthony Albanese has revealed the risk to Australia from Liz Truss’ dramatic resignation as UK prime minister.

Anthony Albanese says he is concerned Liz Truss’ resignation could delay Australia’s upcoming free trade deal with the UK.

Ms Truss became the shortest serving prime minister in UK history on Thursday when she quit after just 44 days in the role.

The Australian Prime Minister said “on a personal level” he wished Ms Truss and her family well during what would be a “very difficult time”, noting he had met her in-person twice this year.

But Mr Albanese said he was concerned about any resulting delay to the Australia-UK free trade agreement.

The deal was struck by Ms Truss when she was foreign secretary. It was set to be one of the first new trade agreements signed by the UK government after exiting the European Union.

Australia and the UK had indicated the agreement would be inked and ready to go from early 2023.

Prime Minister Anthony Albanese has responded to Liz Truss’ resignation. Picture: Martin Ollman/Getty Images

Mr Albanese said he had been negotiating fast tracking the deal with Ms Truss before she resigned in order to meet this deadline.

“We discussed trying to get it concluded before the end of this year to make sure that the appropriate parliamentary processes went through our respective parliaments,” Mr Albanese told reporters.

“And I will, of course, speak to whoever it is that will become the next prime minister of the United Kingdom about doing that.”

Ms Truss’ abrupt resignation as prime minister continues the revolving door at 10 Downing St amid ongoing economic and political turmoil in the UK.

Ms Truss had been prime minister since September 6, 2022, replacing Boris Johnson as leader of the Conservative Party after he resigned following the “partygate” scandal.

Liz Truss resigned as UK prime minister after a tumultuous stint in office. Picture: Dan Kitwood/Getty Images

Mr Albanese noted the pace at which the UK leadership had changed hands, seeking to emphasise the stability of his own government.

“I must say, I’ve been in office for five months (and) I’ve met with two British prime ministers so far, and I obviously will have contact with a third at some time when those issues are concluded,” he said.

Ms Truss resigned after six chaotic weeks in office that were marred by her September mini-budget in which she promised massive unfunded tax cuts.

The package badly spooked the financial markets, causing the British pound to tumble to its lowest-ever level against the US dollar and prompted Ms Truss to sack her chancellor.

Asked if his government had anything to learn from Ms Truss’s economic plan backfiring, Mr Albanese said: “I think there are lessons about making policy that is somewhat surprising.

“It’s not appropriate for me to go into and comment on the internal policymaking processes of another … friendly government.

“I think people will have a look at what’s happened there and draw their own conclusions, frankly.”