Aust-NZ innovation and science deal signed

Australia and New Zealand have signed a historic treaty on science, research and innovation.

Prime Minister Malcolm Turnbull and his NZ counterpart Bill English signed the agreement, which will involve the creation of an innovation hub, at their first face-to-face meeting in Queenstown on Friday.

"The creation of an innovation hub will have tremendous benefits for our communities, growing the economy and creating business opportunities and jobs in new and traditional sectors," Mr Turnbull said in a statement.