Would others agree, this has largely been a total flop of a policy, with no net benefits to Australia ?

2010 review:
http://inside.org.au/lessons-from-the-australia%E2%80%93us-free-trade-agreement/

We gave up our copyright laws, and allowed unrestricted investment by the US into our property, for no benefit.

Free Trade agreements are not the way to go.  Trade should always take into account more than the profit motive but the whole totality of its socio economic impact on the country before it is agreed to.  Neo/Libs and Neo/Cons don't like these restrictions, but that is generally because they are self obsessed.  A Government is obliged to look beyond the self interest of individual traders and companies and take into account the impact on domestic jobs, security and stability.  I am for tearing up free trade agreements, putting Australias best interests first and starting from there.