Australia was the fourth country, and the first in the developed world, to recognise Bangladesh's independence in 1971. A high commission was opened in Dhaka and relations have been warm since then. In 2008, Bangladesh signed a bilateral counter-terrorism MOU with Australia, their first with any country. The number of Bangladeshis in Australia has increased in recent years. Bangladesh is a significant recipient of foreign aid from Australia. It received AUD 60 million in the 2015/16 budget in Oversea aid from Australia.
Australian Oil and Gas company Santos is a major investor in Bangladesh's Natural Resources sector. In 2014 trade betweeen the two countries crossed AUD 1 billion mark of which 450 million came from Bangladesh's exports to Australia. Australia enjoying a surplus of AUD 160 million dollar on trade.
High Commissioner of Bangladesh in Australia is Lieutenant General (retired) Masud Uddin Chowdhury as of 2014.VFS Global collects applications for Australian Visa in Bangladesh. Greg Wilcock is the Australian High Commissioner in Bangladesh.
Australia and Bangladesh are one of the few countries that provide the option of third gender on their passports. Australia Bangladesh Solidarity Network is a human rights organisation working for the garment workers in Bangladesh.