The two officials stressed importance of expansion of economic relations and also held talks on important international and regional questions.
Australia is the last leg of Zarif's Asia-Pacific diplomatic mission 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.
During his two-day stay in Australia, Zarif is scheduled to discuss promotion of bilateral cooperation after removal of anti-Iran sanctions on January 16.
Zarif is slated to deliver a speech at the Foreign Relations Committee of the Australian Parliament on Tuesday.