"Each year the tournament's standards have continued to rise and it is a great opportunity for people to see the next generation of potential rugby stars come together to play in what will be an outstanding tournament.
"We look forward to seeing these sides play in this international competition at the Oceania tournament and to go on and perform on the world stage at the World Rugby Under 20s Championship in June."
ARU national performance programmes manager and former Australian Under 20s coach Adrian Thompson said: "The ARU is very appreciative of the efforts of Oceania Rugby to secure the future of this competition.
"The championship has continued to grow each year and gives each participating nation further opportunity to test themselves before competing at the World Rugby Under 20s Championship.
"The success of the Six Nations Under 20s has benefitted those nations and this tournament will go a long way in narrowing the preparation gap."
2017 Oceania Rugby U20s Championship fixtures:
Round 1, Friday April 28
New Zealand v Fiji, 5.00pm AEST
Australia v Samoa, 7.00pm AEST
Round 2, Tuesday May 2
New Zealand v Samoa, 3.00pm AEST
Australia v Fiji, 5.00pm AEST
Round 3, Saturday May 6
Samoa v Fiji, 5.00pm AEST
Australia v New Zealand, 7.00pm AEST
All matches will be played at Bond University, Gold Coast.