The Track 1.5 Dialogue, co-chaired by Australian tech billionaire Mike Cannon-Brookes and Australia India Institute's CEO Lisa Singh, was addressed virtually by both Indian External Affairs Minister S Jaishankar and Australian Foreign Minister Penny Wong.
In his online address, Mr Jaishankar said "This leadership dialogue is taking place as India Australia relations have shifted gears and moved into a higher orbit."
The minister said trade of over $29 billion and investments at the $35 billion level stand to rapidly expand by the Economic Cooperation and Trade Agreement concluded in April 2022.
"Australia is a major educational destination for Indian students, who number in excess of 100,000. The Indian community, estimated at 720,000, is a source of strength for both societies," the Indian minister said.

Delegates attending Australia India Leadership Dialogue 2022. Credit: Jai Narula/Supplied by Australia India Institute (AII)
"These milestones bring out the interactive dynamic between the bilateral and the regional facets of our cooperation," he said.
In her tweet, Australian Foreign Affairs Minister Penny Wong said she was proud of the Australia-India relationship and inspired by its potential.
Lisa Singh described the dialogue as a critical one for the two sides.
"Four themes covered the interests of all participants. It enabled a robust and informative dialogue. Whether it was the role of emerging technologies, cyber security, or the mobility of skilled workers, leaders had a lot to say on how to address shared challenges," she told SBS Hindi.

Australia India Institute CEO Lisa Singh (Centre), Australian High Commissioner to India Barry O'Farrell (L) and Australian tech billionaire Mike Cannon-Brookes (R).
She pointed out that there was a clear message about the urgency for both countries to act on a renewable energy transition and that "there needs to be a balance of business, government and civil society."
"We wanted to explore the innovation and growth in tech and how it cuts across every part of everyday life for both of our countries," she further said.
High profile delegates who attended the dialogue included Australian High Commissioner to India Barry O’Farrell, CEO of Fortescue Metals Andrew Forrest AO, Bharti Enterprises Vice Chairman Rakesh Bharti Mittal and Tata consulting services President (Asia Pacific region) Girish Ramachandran.