Korea entered diplomatic relations with Australia in May of 1963. North Korea established its diplomacy with Australia in 1974, when Australia was led by the Labor Party, but the relations were severed and the North Korean residence withdrawn in October of 1975. Relations resumed on May 8, 2000.

International agreements between Korea and Australia include the Trade of 1965 (revised in 1975) and the Cultural Exchange of 1971. The two nations also concluded a Treaty on mutual judicial assistance in criminal matters that would help each other investigate suspects, search for evidence, etc. in August 1992. The Science and Technology Agreement was concluded in September 1999. Prime Minister Fraser visited Korea in May 1982, and Hawk in February 1984, Keating in June 1993, and Haward in May 2000. Presidents YS Kim made a visit to Australia in 1994 and DJ Kim in 1999.

Imports from Korea were figured at 2.66 billion US$ and the exports were almost 6.00 billion US$ in 2000. Australia mostly exported minerals, agricultural commodities and other primary resources and imported automobiles, electronic goods, communications equipment, tires and petrochemical products. Immigrants in Australia from Korea numbered about 20,900 as did the expatriates (about 20,900) in 2000.