China notified on Friday the full resumption of live rock lobster trade could resume, Anthony Albanese said.
"This outcome affirms the calm and consistent approach taken by the Albanese government in the stabilisation of our bilateral relationship," the prime minister said.
The government had taken a patient approach which had removed about $20 billion of trade impediments on the nation's exports, Mr Albanese said.
The prime minister and China Premier Li Qiang in October agreed on the resumption of trade by the end of 2024.
The notification follows the lifting of the final trade barriers on two Australian abattoirs earlier in December.
Australian barley, wheat, wine, timber, beef and lobster were among trade barriers imposed by China as the bilateral relationship soured in 2020 after the then-Liberal government called for an inquiry into the origins of COVID-19.
The government's approach had delivered in the national interest, Foreign Affairs Minister Penny Wong said.
"We said before the last election that we would work to stabilise the relationship with China, without compromising on what is important to Australians and that is what we have done," she said.
Trade Minister Don Farrell said it was a fantastic outcome for the lobster industry, as well as Chinese consumers who can get their hands on world-class seafood in time for Lunar New Year celebrations.
"It is in Australia's national interest to have a constructive relationship with our largest trading partner and to have Australia's top exports purchased by China's consumers," Mr Farrell said.
Fisheries Minister Julie Collins said stabilising trade with China would deliver greater returns for fishers other primary producers.
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