Referring to removal of anti-Iran sanctions in January, Zarif elaborated on Iran's technological, tourism and petrochemical capacities for cooperation.
Zarif described Iran as the most stable and democratic country in the Western Asia region.
Representatives of a number of Australian companies and organizations who had been present in the meeting elaborated on their capabilities that can be used for cooperation with Iran.
Australia is the last leg of Zarif's Southeast Asia and Oceania tour to six countries that started on March 5.
Iranian foreign minister's trip to Canberra is Tehran's highest level bilateral diplomatic meeting within the last decade.