The South Korean and Australian navies will launch a joint exercise in waters off the southern part of the Korean Peninsula, the Navy said Thursday.

The Haidoli-Wallaby exercise will kick off on Monday and continue through Tuesday in the waters between the southern port city of Busan and the eastern part of Jeju Island, the Navy said in a statement.

Two Australian frigates, the Arunta and Stuart, will arrive at the Busan naval base on Thursday and Friday to participate in the joint exercise, along with a P-3 maritime patrol aircraft and S-70B Seahawk helicopter.

Two South Korean Navy vessels, the FFG-813 Jeonbuk and a patrol frigate, will join the joint drill, in addition to one submarine and two aircraft, according to the Navy.

The joint exercise was created during the two countries' defense minister talks in 2011 to improve combined operational capabilities and friendship between the navies.

The inaugural exercise was launched in 2012 and the countries held another drill in 2013.

The countries agreed to further expand the scope of the exercise during the joint meeting of defense and foreign ministers from the two nations held last month. (Yonhap)