Authorizes the President to enter into a free trade agreement with the Commonwealth of Australia. Requires the inclusion of trade-related labor and environmental protection standards (but may not include amendments to title VII of the Tariff Act of 1930, title II of the Trade Act of 1974, or any U.S. antitrust laws) in any bill submitted to Congress implementing such agreement.
Amends the Trade Act of 1974 to apply fast-track procedures or "trade promotion authority" (no amendments) to any implementing bill for an agreement entered under this Act.