Australia captain Ricky Ponting
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Australian cricketers have agreed a new pay deal after months of negotiations.
The new contract is set to come into effect on 1 July and means the Test team retains its right to a 25% share of Cricket Australia revenue.
The governing body wanted to hand players fixed contracts but Australian Cricketers Association was against it.
A union spokesman said: "The two parties were poles apart at the start and they've come to an agreement in quite a short time so it's good."
Cricket Australia chairman Bob Merriman said the new deal , a four year Memorandum of Understanding, was fair to both parties.
He added: "It pays Australian elite cricket players well, it encourages young, up-and-coming, athletes to choose cricket as their professional sporting career option.
"It also offers Australian cricket improved ability to more aggressively drive participation in the game at a community level."
Had the parties failed to come to an agreement by 30 June, it would have allowed cricketers to sign sponsorship deals with rival companies to Cricket Australia's sponsors.
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