An Australian climber has died after falling 300 metres down Footstool mountain on New Zealand's South Island.

Local police inspector Dave Gaskin said the 29-year-old woman fell near the 2,764-metre peak onto the Eugenie Glacier in Aoraki Mount Cook National Park.

She was airlifted to a rescue base after a locator beacon was set off by members of her climbing party, but she died shortly after.

Police said the woman and her climbing party were all experienced and well equipped, and weather conditions prior to the fall had been good.

The other climbers are helping police piece together the investigation.

Police have indicated the fall appeared to be an accident.

Her name has not yet been released as police are still notifying her next of kin.