Oldest tree's cut last (5)

I believe the answer is:

first

'oldest' is the definition.
(similar in meaning)

'tree's cut last' is the wordplay.
'tree's' becomes 'fir's' (fir is a kind of tree).
'last' says to take the final letters.
The last letter of 'cut' is 't'.
'firs'+'t'='FIRST'

(Other definitions for first that I've seen before include "Original" , "Top degree class" , "higher than the others" , "Cardinal" , "at the outset" .)

I've seen this clue in the Sydney Morning Herald.

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