For the first time, The Nationals have negotiated a list of agreed coalition positions on policies close to their heart.
As a result, the junior party appears relatively sanguine about Malcolm Turnbull's elevation to prime minister.
The Nationals once expressed grave reservations about working with Mr Turnbull.
But they have now gained significant concessions from the new Liberal leader and are confident he will deliver.
"I am comforted by (his) assurances," Nationals leader Warren Truss told reporters in Canberra on Tuesday.
Mr Turnbull, as opposition leader between 2008 and 2009, favoured an emissions trading scheme and a floating carbon price.
But he has now undertaken not to depart from existing coalition policies on climate change action, the carbon tax and emissions reduction targets.
He will also stand by the plan to canvass same-sex marriage at a national plebiscite.
There will be proper cabinet consideration of amendments to the Australian Competition and Consumer Act to prevent abuses of market power.
The big victory appears to be an agreement to transfer responsibility for water policy from the environment department and the Murray-Darling Basin Authority to the agriculture portfolio of Nationals deputy leader Barnaby Joyce.
Mr Truss said the environment department would retain water issues associated with environmental legislation.
"This change will revert to the situation that has existed for many, many decades," he said.
Mr Joyce said the economic and social basis of many regional towns was premised on access to water.
"Without water they do not have an economy," he told reporters.
"There is not much point having an environmental outcome if there is no-one there to enjoy it."
Mr Truss said while the new coalition agreement followed extensive negotiations The Nationals hadn't gained everything they wanted.
"That happens in tough negotiations," he said.
KEY POINTS OF THE AGREEMENT
* No change to existing climate policy
* Coalition to proceed with plebiscite on same-sex marriage
* Responsibility for water moves to the agriculture portfolio
* Ongoing funding for communications technology including mobile phones and TV blackspots
* New jobs program to address high regional unemployment areas
* Cabinet consideration of measures to prevent abuse of market power
* Support for infrastructure investment
* Addressing financial barriers to higher education for rural students
* Extra support for stay-at-home parents with a child under one.
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