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Millions of Australians on award and minimum wages are set to find out how much more they will be paid.

But economists warn a too-generous rise could add to pressure on the Reserve Bank to push up interest rates next week.

The Fair Work Commission will broadcast online the result of its latest wage review at 10am AEST on Friday, which is expected to impact on 2.67 million of the lowest-paid Australians.

Last year, the panel split its decision by awarding a 5.2 per cent increase to 180,000 workers on the lowest minimum wage, in line with inflation at the time.

As well, the umpire outlined an increase of $40 a week or at least 4.6 per cent for 2.6 million people on higher award rates.

The Albanese government recommended to the commission that it "ensures the real wages of Australia's low-paid workers do not go backwards".

With inflation at 6.8 per cent in the year to April, this would require a wage rise of at least 6.9 per cent.

Westpac economists predicted an average pay increase of 4.6 per cent, which would mean "constant or steady" rather than an increasing contribution to wage inflation.

However, ANZ experts believe there will be a seven per cent nominal increase in the national minimum wage in line with headline inflation.

"Risks around this are skewed to the downside, as the commission might seek a mid-point between submissions from unions and employers," ANZ economists said.

"For modern award minimum wages, we expect a smaller but still substantial nominal increase of five to 5.5 per cent."

Treasurer Jim Chalmers told parliament he was pleased to see the fastest wage growth in over a decade.

"We will respect whatever decision the independent umpire makes," he said.

"But the Albanese government will always do what we can to support the wages of workers, particularly the lowest-paid workers in our economy."

The nation's largest business network, the Australian Chamber of Commerce and Industry, says there should be a "cautious and calibrated" wage increase of four per cent.

This would lift the minimum wage to $841.04 a week, with 3.5 per cent directed to ordinary earnings and 0.5 per cent directed to the expected superannuation increase from July 1.

Peak union body the ACTU has argued for a seven per cent rise, or about $57 a week for a full-time worker on the minimum wage.

AMP chief economist Shane Oliver said there was now a "very high risk" of interest rates being hiked due to the "upside risks to wages flowing from the minimum wage increase, the still tight jobs market and faster public sector wages growth".

The RBA meets on Tuesday to consider whether to lift the cash rate from its existing 3.85 per cent.

© AAP 2023

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Countries across the Indo-Pacific need to collectively resolve to act responsibly and manage great power competition in the region.

That will be a key message from Prime Minister Anthony Albanese as he delivers a keynote address to the Shangri-La Dialogue in Singapore.

The speech, to be given in front of the likes of US defence secretary Lloyd Austin and senior Chinese defence officials on Friday night AEST, is being flagged as Mr Albanese's most significant global security address this year.

Convened by the International Institute for Strategic Studies, the dialogue is the premier forum for government leaders and experts to discuss regional security.

Mr Albanese said in a statement he would outline "Australia's vision for a stable, peaceful and prosperous Indo-Pacific".

The prime minister was due to meet with Lee Hsien Loong, but the Singaporean leader is isolating with COVID-19.

He will now meet Acting Prime Minister Lawrence Wong.

Mr Wong is considered the likely successor to Mr Lee when he steps down before the 2025 election.

Mr Lee visited Australia in 2022, when the leaders signed a green economy deal that will be discussed further in Singapore as businesses and government seek to activate it.

Mr Albanese will also make his first trip as leader to Vietnam over the weekend, meeting the country's senior leadership.

The country of more than 100 million people has a growing middle class, and aims to have "developed nation" status by 2045.

Australia is looking to boost tourism, education and alcohol exports.

Mr Albanese will attend events to celebrate the 50th anniversary of diplomatic relations with Vietnam.

Australia is home to about 350,000 people of Vietnamese background.

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Prime Minister Anthony Albanese says Singapore can be a trusted partner to maintain stability in the Indo-Pacific amid growing tensions in the region.

The prime minister visited Singapore on Friday where he met with acting prime minister Lawrence Wong, announcing three climate-related initiatives.

Mr Albanese was due to meet with Singapore Prime Minister Lee Hsien Loong, but the Asian leader is isolating with COVID-19.

The new initiatives include an innovation program on green commerce, a grant program for renewable energy and a corridor to support net-zero shipping.

The bilateral meeting also included talks on the defence relationship between the two countries, as well as energy security and expanding trade and investment.

"Now more than ever, our friendship is underpinned by trust, respect, and a shared vision for a region that is open, stable and prosperous," Mr Albanese said.

"We know that security isn't just about defence, it's also about our capacity to be less vulnerable to shocks, whether that's a future pandemic, a trade or cyber security shock or international conflict."

The comments come ahead of the prime minister delivering a keynote address to the Shangri-La Dialogue.

The speech, which will be given in front in the likes of US defence secretary Lloyd Austin, has been flagged as Mr Albanese's most significant global security address this year.

Convened by the International Institute for Strategic Studies, the dialogue is the premier forum for government leaders and experts to discuss regional security.

Mr Wong said countries in Southeast Asia would not want to be forced to choose sides in the region.

"No one wants to be in a position where we have to either contain China's rise or limit America's presence," he said.

"Any move in either direction will have few takers in the region because no one in ASEAN wants to see a new Cold War."

He said Australia could "help to steer developments in the region towards a path that gives us the best chances to continued stability and growth".

Mr Wong noted the two countries were also looking at how to upgrade the ASEAN-Australia-New Zealand free trade agreement.

Mr Albanese said countries in the Indo-Pacific were living in an era of strategic competition and that the two countries had a key role to play.

"One of the ways that middle powers like Australia and Singapore can assist to promote stability, security and prosperity in the region is through strengthening our bilateral arrangements," he said.

"It just gets stronger and stronger going forward, but it's also through regional engagement and through multilateralism."

Mr Albanese will also make his first trip as leader to Vietnam over the weekend, meeting the country's senior leadership.

The country of more than 100 million people has a growing middle class, and aims to have "developed nation" status by 2045.

Australia is looking to boost tourism, education and alcohol exports.

Mr Albanese will attend events to celebrate the 50th anniversary of diplomatic relations with Vietnam.

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Anthony Albanese has warned about the devastating consequences if the Indo-Pacific is only thought about as the location for the next war.

Conflict in the region is not inevitable, the prime minister told an international audience.

"We sometimes hear our region described as a potential 'theatre' for conflict as if this is merely a backdrop, a location, an arena for the ambitions of others," he said during a major foreign policy speech at the Shangri-La Dialogue in Singapore.

"Such a view is entirely, and dangerously, wrong."

But the prime minister acknowledged peace was not assured.

"It's not the default setting of any part of the world, it has to be built, pursued, defended and upheld," he said.

Mr Albanese used the speech to lend his support to US President Joe Biden's pursuit of guardrails with China, a set of confines the relationship would work within to avoid miscalculations that result in war.

He said such measures would provide "simple and practical structures to prevent the worst-case scenario".

China had also benefited from the rules of the road during its unprecedented economic boom, he said.

"It's been made possible by a regional architecture that facilitates fair trade, encourages the sharing of knowledge, spurs innovation and builds people-to-people connections," Mr Albanese said.

"This isn't about a policy of containment, it's not a question of placing obstacles in the way of any nation's progress or potential."

Mr Albanese's speech came after a meeting with Singapore's acting prime minister Lawrence Wong.

He was due to meet with Singapore Prime Minister Lee Hsien Loong, but the Asian leader is isolating with COVID-19.

Initiatives launched on Friday included an innovation program on green commerce, a grant program for renewable energy and a corridor to support net-zero shipping.

The bilateral meeting included talks on the defence relationship between the two countries, energy security and expanding trade and investment.

"Now more than ever, our friendship is underpinned by trust, respect and a shared vision for a region that is open, stable and prosperous," Mr Albanese said.

"We know that security isn't just about defence, it's also about our capacity to be less vulnerable to shocks, whether that's a future pandemic, a trade or cyber security shock or international conflict."

Mr Wong said countries in Southeast Asia would not want to be forced to choose sides in the region.

"No one wants to be in a position where we have to either contain China's rise or limit America's presence," he said.

"Any move in either direction will have few takers in the region because no one in ASEAN wants to see a new Cold War."

He said Australia could "help to steer developments in the region towards a path that gives us the best chances to continued stability and growth".

Mr Wong noted the two countries were looking at how to upgrade the ASEAN-Australia-New Zealand free trade agreement.

Mr Albanese will also make his first trip as leader to Vietnam over the weekend, meeting the country's senior leadership, while also marking 50 years of diplomatic relations.

© AAP 2023