The Rugby Union Players' Association negotiated an increase in the minimum individual player salaries for Super Rugby squad players.
ARU chief executive Bill Pulver said the agreement required significant compromises from all parties.
"I've been delighted with the willingness on behalf of the players to accept compromises which are clearly supporting the financial health of the game," Pulver said. "There are a number of new initiatives that we would like to launch in order to improve the future of rugby in Australia, and I can confidently tell you that the players are certainly pulling their weight in terms of supporting a path toward those outcomes."
Wallabies on the RUPA board include Australia captain James Horwill and veteran hooker Stephen Moore.
Horwill said rugby in Australia was dealing with challenging financial and performance issues.
Rugby union became professional in 2005. Australia won the World Cup in 1991 and in 1999 but hasn't reached the final since 2003. In the meantime, its southern hemisphere rivals South Africa and New Zealand have won the last two titles.