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The "official" history of Canada-Australia relations dates from 1895, when Canada's first trade commissioner, John Short Larke, arrived in Sydney. Larke had been appointed a year earlier after a successful trade delegation to Australia led by Canada's first minister of trade and commerce, Mackenzie Bowell.

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In 2017, two-way merchandise trade between Canada and Australia remained stable at $3.9 billion. Canadian exports were valued at $2 billion and largely composed of value-added products, such as agricultural goods (e.g. frozen pork, vegetable oils and whiskey), aerospace products, industrial machinery and information communications technologies. Imports were valued at $1.9 billion and included chemical products, agricultural goods (e.g. wine, frozen beef and sheep meat), precious metals, medical devices and industrial machinery.