Defence Minister Wayne Mapp announced the allocation on Tuesday.
The Aermacchi will be displayed at Warbirds alongside a Skyhawk, which is being reassembled this week, a Hurricane, a Vampire and a World War 1 SE5A.
The tourist attraction at Wanaka Airport will also have a collection of privately owned classic cars, a permanent exhibition on Sir Tim Wallis, a visual art gallery, a retail shop and a diner cafe. It replaces the NZ Fighter Pilots Museum and is scheduled to open before Christmas.
Dr Mapp also announced that a United States company, JDI Holdings, would buy eight remaining RNZAF retired Skyhawk fighters, including engines and spare parts, for $7.9 million.
The deal depends on approval from the US State Department.
Nine other Skyhawks, Aermacchis and Strikemasters no longer needed by the RNZAF have been allocated to aviation museums in New Zealand and Australia.
