Both countries have severely restricted international travel to prevent the spread of coronavirus.
However, if successful, the “bubble” could grow to include more countries that have a low number of cases.
A wider scheme is planned with Canada and other Asian economies to help supply chains and business travel.
The governments of Australia and New Zealand revealed their plans on Tuesday to set up a “trans-Tasman travel bubble”, although no timeframe was given.
This quarantine-free travel zone could provide huge advantages to both nations, who have shown strong records for containing the virus. Currently, they impose a 14-day quarantine on international arrivals.