"Australia without any doubt is a strong and a like-minded partner", von der Leyen told MEPs.
Criticising Johnson's proposal she said that "Australia is a strong and like-minded partner, but the European Union does not have a trade agreement with Australia, " adding "we are now trading on World Trade Organization terms".
Instead, the EU will offer "equivalence", which means European regulators will dictate the standards that UK-based finance firms must uphold. Full access to our fishing grounds, following EU rules indefinitely with ECJ oversight, continued free movement and supporting EU foreign policy are just some of the usual tosh that demonstrates the EU elite are still in denial of Britain's democratic decision.
Speaking before the European Parliament in Strasbourg, von der Leyen opened the floor for a day of what are expected to be tough negotiations about the future of trade between the bloc and the recently departed UK.
"As the European Union continually makes clear, the more we diverge from European Union standards, the less access we will have to the single market", she said. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the United Kingdom national press.
But he said the United Kingdom would also have the freedom to diverge and regulate in a different way from the rules set in Brussels.
Writing in City AM, he said: "Each side will only grant equivalence if it believes the other's regulations are compatible".
"We will no longer be rule-takers, but we remain committed to the highest worldwide standards of financial regulation and to shaping global rule-making".
Johnson also played down the threat of a "no deal" scenario after December 2020 when the eleven-month Brexit transition is due to end, stating that future EU-UK trade would be on the basis of the EU's terms with Canada or Australia.
The EU would "retain a free hand to take our own decisions".
Shadow chancellor John McDonnell said he feared there was a "risk" that investors and banks could leave the City of London if the Government did not seal a deal on financial services with the European Union "quickly".
The British Retail Consortium (BRC) said the Government would have to move fast to get infrastructure in place for the start of 2021, warning that without adequate preparations the availability of goods on shelves would be disrupted, with fresh fruit and vegetables especially vulnerable.
He said: "Come what may, on January 1 we will be imposing checks on all products entering the single market, just as we do to every other third country in the world".