"The MoU will help intensify existing partnerships between India and Australia in higher education and research, including technical and professional education, schools, vocational education and training and will open up new and innovative areas of cooperation," Communication and IT Minister Ravi Shankar Prasad said here.
The cabinet meeting was chaired by Prime Minister Narendra Modi.
"The costs of the cooperative activities under this MoU will be funded on mutually-agreed terms and will be subject to availability of funds," Prasad added.
The MoU will strengthen the policy dialogue and exchange in areas of mutual benefit, including qualification and quality frameworks and standards for education, research and training, the ministry said in a statement.
It will also support mobility of students and faculty members through formal exchange programmes, internship and other modalities, it added.