It formalised the ocean borders that had been de facto recognised by both countries since the early 1980s, when the United Nations Convention on the Law of the Sea was created.

The treaty defines the boundaries between Australia and New Zealand's exclusive economic zones and continental shelf claims.

Specifically, it defines two separate maritime boundaries, both of which are approximate median points between Australian and New Zealand territory.

The northern boundary is composed of 27 individual straight-line segments defined by 28 separate coordinate points.

The southern boundary is composed of nine individual straight-line maritime segments defined by ten separate coordinate points.