In 2020，Sino-Australian economic and trade cooperation has achieved a weak growth，and the growth rate has dropped significantly compared with previous years. Moreover，some problems in Sino-Australian economic and trade cooperation have become increasingly prominent. The imbalance structure of Sino-Australian trade is still continuing，and China is still in a state of trade deficit. Sino-Australian trade friction is intensifying，and the two countries have launched anti-dumping and countervailing investigations against each other. And China decides to imposes anti-dumping duties and countervailing duties on barley and related red wine imported from Australia. The imbalance of Sino-Australian economic trade investment is becoming more serious. China’s investment in Australia has declined sharply，while Australia’s investment in China has continued to rise. This has a lot to do with the discriminatory policies adopted by the Australian government on Chinese enterprises’ investment and the restrictions on Chinese enterprises’ investment. The current situation of Sino-Australian economic and trade reflects the changes in the political relations between the two countries. The negative policies，words and deeds adopted by the Australian government to China have seriously damaged Sino-Australian relations. The development of Sino-Australian economic and trade cooperation needs the promotion of stable and good bilateral political relations. The improvement of Sino-Australian political relations requires Australia to uphold a correct and objective understanding of China.