Abstract. In XXI century the Russian-Australian dialogue receive a constructive character and moved at a higher level. The political relationships are based on interaction between the top governmental officials, as well as on diplomatic and parliamentary contacts. However, the development of economic ties lags behind the pace of political cooperation. Until now Russian goods and services are not sufficiently represented at the Australian market. At the same time the cooperation in such spheres as hydrocarbons, mining and fishing looks quite prospective. In order to improve the situation the stress should be made on involvement of the Russian Far East. In particular, Australian investment and experts should be attracted into huge infrastructural projects in the Russian Far East, including roads and ports.