Prime Minister Jacinda Ardern and her Australian counterpart Malcolm Turnbull have reiterated the two nations' "strong and enduring partnership" after a day of talks in Sydney.
Turnbull also conceded Australia could learn from New Zealand when it came to promoting indigenous businesses.
"We understand the Maori economy is booming in New Zealand, a huge success," he said.
When Ardern and Turnbull sat down for an hour of talks Turnbull opened conversation by saying they had already discussed a number of issues from last night over dinner but he had left enough to fill out today.
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He said New Zealand and Australia had an enduring relationship and alliance based on shared values such as respect for the rules-based international order, and had to work closely together in the Pacific.
In response, Ardern also nodded to the countries' common values and said it was telling that this was her third trip to Australia in her first four months as prime minister.
The two countries had a chance to strengthen their economic ties even further, she said.
Earlier today, Ardern and Gayford were officially welcomed with military honours at Admiralty House, the residence of Governor-General Sir Peter Cosgrove.
Ardern arrived in Australia on Thursday on an RNZAF jet with an entourage of Government officials ahead of talks with Turnbull.
But before formal talks begin today, Turnbull and his wife Lucy welcomed Ardern and her partner Clarke Gayford into their exclusive Point Piper mansion for dinner and drinks.
In a post to Instagram, Turnbull welcomed Ardern and Gayford to Sydney in style.