Australia's new agreements with the European Union support investment, innovation, and job creation across Australia, including in regional communities, said the Australian Banking Association, an organization comprising 20 banks, in a Tuesday statement.

The organization said Australian exporters, service providers, and investors will benefit from greater certainty, more efficient regulatory settings, and improved conditions to operate, compete, and scale in Europe.

The benefits extend across multiple industries, including resources and critical minerals, clean energy, advanced manufacturing, agribusiness, financial and professional services, digital and technology, healthcare, education, transport and tourism, all positioned to take advantage of improved market access and deeper commercial partnerships, the statement added.

Fast-tracking negotiations for participation in Horizon Europe would link Australian industry, researchers, and innovators into one of the world's most significant research and innovation ecosystems, helping drive new ideas from research through to commercial application, the statement added.

"Expanding our trading ties with the EU will open new doors for Australian businesses, create stronger links between our financial systems, and help boost two-way investment flows. Importantly, it will also unlock more opportunities and deliver longstanding benefits for Australia's financial services sector in one of the world's largest economies," said ABA Chief Executive Simon Birmingham.

"This is the final piece in linking all our major trading partners. It will deliver a multi-billion dollar boost to our economy and will be felt by all sectors - health care, defence, tourism, finance, our innovators and our rich resources and critical minerals," said Australian Industry Group CEO, Innes Willox.