UK-Australia trade treaty is the ‘new dawn’ you may never notice

Analysis: No 10 hopes we'll enjoy price reductions in supermarkets but estimated savings put at 1 per household

It is billed as good for British consumers and good for business, and the first of many post-Brexit trade deals. But while hailed as a new dawn" by Boris Johnson, the prime minister's trade treaty with Australia has few economic benefits.

Ministers hope consumers will have more choice on the supermarket shelves, a Brexit boost in the first entirely new trade deal since leaving the EU. Tariffs will be cut on Australian products such as Jacob's Creek and Hardys wines, as well as on beef, lamb, swimwear and confectionery. However, by the government's own admission, the savings add up to 34m a year - little more than a pound each per household.

Related: Fears UK-Australia trade deal could cause surge in tariff-free meat imports