The series will be for the "Chappell-Hadlee Trophy" named after Australian former stars Greg and Ian Chappell and New Zealand father-son stars Walter and Richard Hadlee.
The inaugural series for the trophy will be played in December in Australia as part of a tour of Australia by the Black Caps.
The December 2005 trophy Series will be played in New Zealand and from December 2006 two matches in each series will be played in one country and one match in the other country on an alternating basis.
The Black Caps will play two Tests in Australia during November in addition to the three ODI matches for the trophy.
New Zealand Cricket (NZC) chief Executive Martin Snedden said that the series trophy had been named after the Chappell and Hadlee families in recognition of the tremendous contributions the families had made to cricket in their respective countries.
"There is a very close bond between the nations of Australia and New Zealand. That bond has materialised in the creation of trans-Tasman rivalries in all of our major sports," Snedden said.
"In both rugby and netball the battles between our national teams and Australia are legendary.
"Cricket has provided some extraordinary colour to that rivalry including the infamous underarm match at the Melbourne Cricket Ground (MCG) in February 1981 and other great on-field contests in both Tests and ODIs," Snedden added, referring to one of cricket's most infamous controversies.
Greg Chappell provoked a hail of criticism 23 years ago when he ordered brother Trevor to bowl an underarm delivery to stop New Zealand scoring a six off the last ball in a Limited Overs match.
New Zealand tour itinerary to Australia:
November 10-13: v New South Wales, Sydney
November 18-22: v Australia, Brisbane, first Test
November 26-30: v Australia, Adelaide, second Test
Chappell-Hadlee Trophy 2004:
December 5: v Australia (D/N), Melbourne
December 8: v Australia (D/N), Sydney
December 10: v Australia (D/N), Brisbane