Australia to lift sanctions on Iran

Australia will soon lift economic sanctions against Iran after it met its commitments under a nuclear deal, Foreign Minister Julie Bishop says.

She was commenting on Sunday after the International Atomic Energy Agency confirmed that Tehran has scaled down its nuclear program.

Ms Bishop says it's expected that sanctions will be lifted after the United Nations Security Council has received the IAEA report in coming days.

"The Australian government will then move to lift relevant UN and certain autonomous sanctions, including economic sanctions," she said in a statement.

"The easing of these sanctions will ensure that Australian business is not disadvantaged in pursuing opportunities in Iran."

Australia would continue to enforce sanctions on military exports for five years and maintain restrictions on ballistic missile-related materiel for eight years, she said.