Australian organisations and universities will now be able to access the world's largest research and innovation fund.
An agreement has been signed allowing Australia to sign on to the European Union's research fund known as Horizon Europe.
The fund, worth an estimated $155 billion, will enable researchers and scientists to take part in, or even lead, projects in technology and computing, renewable energy and critical minerals.
Australian researchers will be able to take part in Horizon Europe from January 1.
Industry Minister Tim Ayres, who signed the agreement in Brussels with his EU counterpart Ekaterina Zaharieva, said the partnership would be a boon for researchers and the nation's science sector.
"Ambitious Australia has set us a clear challenge: build a more connected research and innovation system with the scale to deliver greater impact. Horizon Europe will help us meet that challenge," he said.
"This agreement connects Australian researchers and innovators with leading international expertise in areas including climate, energy, health and emerging technologies."
The federal government has spent $20 million to enable access to the research fund, which has been matched by the Group of Eight, which represent the nation's largest universities.
Australia will now join Canada, New Zealand and the UK in having access to the EU's research fund.
"It will open doors for Australian researchers and businesses to lead projects, build global partnerships and compete for funding through the world’s largest multinational research and innovation funding program," Senator Ayres said.
Horizon Europe was on the agenda when Prime Minister Anthony Albanese met European Commission President Ursula von der Leyen and European Council President Antonio Costa on the sidelines of the UN in September.
At the time, Mr Albanese sad access to the research fund would help boost the commercialisation of innovation in Australia, which the prime minister admitted Australia had not always had.
