New Zealand will take 150 refugees from Australian asylum seeker detention centres every year under a new deal agreed between the two countries' governments.
Prime Minister Julia Gillard held bilateral talks with her Kiwi counterpart John Key in the South Island tourist centre of Queenstown on Saturday, marking 30 years of close economic relations.
The leaders agreed on new arrangements to combat people-smuggling, with the NZ government to resettle 150 refugees processed by Australia's offshore detention centres in Nauru and Manus Island.
The refugee intake will be part of New Zealand's annual 750-refugee quota, under its commitment to the United Nations High Commission for Refugees (UNHCR).
'We are limiting this to 150 in order to still maintain a significant commitment to resettling refugees referred by the UNHCR,' Mr Key said.
The two leaders also agreed to give new powers to telco regulators in both countries to cap mobile roaming rates, to put an end to exorbitant bills for trans-Tasman travellers.
New legislation will enable Australia's Competition and Consumer Commission and NZ's Commerce Commission to investigate and take action over calling, texting and data costs.
If telco providers fail to reduce their prices, the regulators will have the power to set price caps.
It could pave the way to lower roaming costs elsewhere, such as in the United States and European Union.
Other announcements include:
further streamlining trans-Tasman travel, with the Australian government to spend $A8 million ($NZ9.8m) on a trial to fast-track automated technology at Australian airports, and NZ's trial of new 'Smartgate Plus' technology.
both countries will contribute $A2.6m to a joint effort to develop a rheumatic fever vaccine.
new retirement savings portability arrangements to come into effect from July.
work on a reciprocal student debt recovery scheme.
Ms Gillard also announced a new $A5 million Australian Memorial to be built in Wellington in time for the ANZAC centenary in 2015.
Designed by Australian architecture firm Tonkin Zulaikha Greer, the memorial will be comprised of 15 columns of Australian red sandstone, symbolic of the Australian 'red centre', and will be surrounded by eucalypt trees.
Later on Saturday, the leaders will lay wreaths at the Queenstown War Memorial, before visiting nearby Arrowtown.
Ms Gillard flies back to Australia on Sunday.