The federal opposition's foreign affairs spokeswoman Penny Wong has laid out some ideas for greater Australian engagement in the region.
Labor has called for a fund to be set up to enable greater Australian investment in major transport, health and other projects in the Indo-Pacific.
New Zealand has committed to a new Strategic International Development Fund to lift its role in the region, as part of a "Pacific reset", after much criticism it has dropped the ball in terms of helping its neighbours.
And last November, the US Overseas Private Investment Corporation and the Japan Bank for International Cooperation entered into an agreement to increase investment in infrastructure across the region.
The renewed interest comes as China has begun to splash cash around Pacific nations for ports and other facilities, as it takes a greater strategic interest in the region.
Labor foreign affairs spokeswoman Penny Wong said in a speech on Wednesday there was an obvious need in the region for greater infrastructure investment.
"The Australian government would do well to seriously consider similar initiatives," she told the University of Sydney's US Studies Centre.
"Our aim must surely be to better enable the achievement of (neighbouring countries') economic and social development objectives, in ways that strengthen the prosperity and security of the region collectively."
She said the focus of Australian and US efforts in the region should be on promoting and supporting "values" - such as free and fair trade, adherence to international rules and norms and respect for sovereignty - rather than a "singular focus on strategic competition".
While China's growing interest in the Indo-Pacific region was unsurprising, the key question was "on what terms".
"What Asia is looking for is less a contest about who should be top dog than a partner of enduring connection and relevance," she said.
"As their economies develop and prosper, due in no small measure to the economic strength of China, they are looking for the reassurance that comes from an engagement mindset built around creating opportunity and collaboration rather than competition and conflict."
