Disclosing this, CA's chairman Bob Merriman said that as per the new agreement the two teams would play four Tests against each other every four years.
"Similarly, India and Australia will play a five-ODI series every two years," Merriman said.
He said efforts are now on to fit this schedule into International Cricket Council's (ICC) six-year programme.
This matter is likely to be discussed at a meeting in Dubai in mid-August.
"If we get the go ahead from the ICC, then the blueprint for the proposal will get the official seal in October," he said.
Asked about Australia's preparation for the 2007 World Cup in West Indies, Merriman said "the World Cup is not our priority right now, we are now focussed on doing well in the forthcoming Tests."
Merriman said it was Australia's target to succeed in three Test series every year.
On the question of inducting new blood in the Australian team, the CA chief said the country's selection committee had adopted a "phase-in/phase-out" policy by which new players would constantly come in as and when required, replacing the old guard.