The China - Australia Free Trade Agreement (ChAFTA) was signed on 17 June 2015, and the implementing legislation for the proposed ChAFTA was introduced into the Australian Parliament on 16 September 2015.
Upon full implementation of the agreement, Australia agrees to remove tariffs on all China originating exports with an immediate tariff elimination reaching 91.6% of all goods; the rest will be removed within 5 years from the effective date. Other benefits of the ChAFTA include lowered barriers for Chinese businesses to invest in Australia, and the elimination of 95% of Australian exports.
You can read about the cooperation between China and Australia on the Export Council or Australian Government Department of Immigration and Border Protection