Australia is much closer to the vast economic centres of Asia and across the Pacific from the US. It has existing and much more robust trade deals with the US, China, ASEAN, and India. (The EU has failed to achieve FTAs with most of these economies, despite decades of efforts.) I highly doubt Australia is going to start centring Europe, on the literal other side of the planet, over these trade partners.

This deal is more of a statement re global affairs, but it's a pretty bad one. The reason Europe has such a limited free trade network compared to Australia's is that Europe doesn't actually want foreign imports (that's why Australian farmers are getting screwed here), it just wants to seem relevant in the international order. Most countries aren't interested. It's fairly incompetent of the Australian government to agree to this.

Just look how the deal is being covered in Australia. [0] Industry is outraged and the government is framing this as some kind of aspirational statement that the international order is "not dead".

[0] https://www.afr.com/topic/trade-deals-1moy