The Wallabies have agreed to take a pay cut, which for some players will amount to a loss of almost $60,000 each year.
A new Collective Bargaining Agreement is set to save the cash strapped Australian Rugby Union around $NZ1.14 million in player payments each year.
For at least the next two years, test match payments are to be slashed from about $NZ15,000 to $NZ11,500 per game, meaning players involved in every test will lose $57,000 annually.
The new deal also introduces a salary cap on Australia's Super Rugby teams for the first time which has been set at $NZ5.7 million each year.
Players Association chief executive Greg Harris says the game's elite players understand the financial constraints facing the code and the need to tighten the purse strings.