New Zealanders who have worked in Australia will be able to transfer their retirement savings into this country's Kiwisaver scheme.
The Australian government says it has $13 billion in lost accounts in its superannuation scheme, and thousands of the accounts will belong to New Zealanders who have worked there.
Trade Minister Phil Goff says Kiwisaver is mutually compatible with Australian superannuation accounts.
Mr Goff says New Zealanders who have worked in Australia will be able to apply to have the funds transferred into Kiwisaver accounts.
However they will not be able to have the funds paid out to them in any other way.
The scheme is due to be formalised in October and put into law next year.
The discussions took place when Australian and New Zealand government ministers met in Melbourne on Friday to celebrate the 25th anniversary of Closer Economic Relations and to move further towards a trans-Tasman Single Economic Market.
