DIBP announced on September 25, 2014 that an arrangement for youth mobility was signed between Australia and Portugal, establishing a reciprocal Work and Holiday Visa (subclass 462) arrangement between Australia and Portugal.
According to DIBP, this would allow 200 young adults from Portugal and another 200 young adults from Australia to be able to travel to each other's country where they may study or do short term work.
The visa won't be in effect until both countries would come to an agreement with regards to the start date. Expect an announcement and the visa to be in effect in a few months after they have implemented the necessary processes. When a start date has been announced, eligible young adults from both countries will be able to apply for the visa.
For more information, click Australia and Portugal sign a new Work and Holiday visa arrangement