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The solemn event marked the start of the second day of Mr Morrison's visit to Queenstown.
They were joined by members of the community, including Fire and Emergency New Zealand crew members, school children, and Mayor Jim Boult and Mayoress Karen Boult.
Arrowtown Primary School's choir performed the national anthems of Australia and New Zealand. The Last Post played while the flags of both countries were lowered by members of a local Scouts group.
After leaving the memorial, the prime ministers will head back to Queenstown for their annual formal talks.
Later, Clarke Gayford and Jenny Morrison were welcomed with a rousing pōwhiri at Remarkables Primary School.
Mrs Morrison was gifted a lolly bouquet as she would not be able to take flowers back home to Australia.
For keen fisherman Mr Gayford, there were chocolate fish instead.
The pair are visiting the school while prime ministers Jacinda Ardern and Scott Morrison have their annual formal talks.
Mr Morrison and his wife Jenny will fly back to Australia later today.