Singer Minogue and children's entertainment group The Wiggles were honoured with the prizes in the build-up to the ARIA Awards next month and will both accept them in person in Sydney on November 27.
Blue Wiggle Anthony Field told the Herald Sun: "It's such an honour to be in inducted in the same year as Kylie. We're both proudly Australian. When we go overseas, everyone knows Kylie is Australian and everyone knows the Wiggles are Australian.
"You automatically think the ARIA Hall of Fame is for rock and roll bands, so it's pretty incredible. It's nice to be recognised. We didn't expect it in a million years."
He also revealed that founding Wiggle member Greg Page would be invited to join them on stage at the awards ceremony if he wanted to. Page was in the group for 15 years before being forced to leave due to poor health. He was later replaced by Sam Moran.
"Greg is coming to the ARIAs," Field revealed, "so if he's well enough to perform it'd be nice to have a one-off reunion. Everyone loves Greg. We miss him. He couldn't come back full-time, but if he did a few shows that'd be nice."
Minogue, who is currently planning her 'Locomotion' 25th anniversary celebrations, has been nominated for 36 ARIA awards during her career, including three 'Outstanding Achievement' gongs. The Wiggles have been nominated 15 times.
Current acts in the ARIA Hall of Fame include INXS, AC/DC, John Farnham, Olivia Newton-John, Dame Joan Sutherland, Slim Dusty and Icehouse. Johnny Young was inducted last year.
The nominations for this year's ARIA Awards were announced two weeks ago.
Watch the music video for Kylie Minogue's 'The Locomotion' below: