Australia could seal a long-awaited trade deal with the European Union within months as the prime minister leaves the door open to shifting on key sticking points.

Anthony Albanese met with EU chief Ursula von der Leyen on the sidelines of the G20 summit in Johannesburg after earlier indicating negotiations on the agreement could be finalised by early 2026.

Scrapping Australia's luxury car tax - a bugbear of European exporters - could be on the cards to secure the deal after Mr Albanese said he did not want to rule anything out from the discussions.

"What I'd like to see is (a trade deal) finalised in the first quarter of 2026," he told reporters in South Africa.

"This would be very important."

Trade Minister Don Farrell said his talks in Melbourne with his European counterpart were a

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