The article is devoted to the development of relations between Australian-Korean. Australia and South Korea do have similar geopolitical challenges. The competition between China - the strongest neighbor in the Asia-Pacific region, and the United States - its closest ally makes countries cautiously shape their foreign policy. In this regard, it’s hard to say why Australia and South Korea have not yet taken advantage of the latent possibilities of their relations. The authors analyzed the potential of Australian-Korean relations and examined the history of cooperation between countries in the political and economic spheres at the present stage. © 2020, Rossiiskaya Akademiya Nauk, Institut Istorii (Russian Academy of Sciences, Institute of General Hist. All rights reserved.