Tony Abbott is holding last-minute talks with trade partners before Australia enters formal negotiations on a new China-led infrastructure bank.
Cabinet is understood to have conditionally approved signing the Asian Infrastructure Investment Bank memorandum of understanding, which would allow Australian officials to sit at the negotiating table.
But the prime minister is still talking to overseas counterparts before a final announcement is made.
"In the next few days an appropriate announcement will be made," Mr Abbott told parliament on Wednesday.
Asked about the March 31 deadline for signing the MOU, Treasurer Joe Hockey told reporters in Canberra: "Obviously the timetable is very tight and we will have more to say in the next few days."
Mr Hockey used a speech to talk up the potential for the bank, saying it could play a key role in filling the $8 trillion gap in major project spending in the region over the next decade.
Once at the negotiating table, Australia would be encouraging the US and Japan to join.
While the US and Japan have reservations, almost 30 countries have expressed an interest in the bank.
Mr Hockey said the bank, believed to have $100 billion in starting funds, needed to be well governed and China had made "strong progress" in this area.
He said the bank should have open membership, work closely with other institutions, a high level of transparency, no restrictions on the procurement of goods or services, sound banking principles and high lending standards and merit-based recruitment.
Australia would provide a fair contribution to the bank which would not affect the federal budget bottom line, he said.
"This is an opportunity for Australian economic growth and jobs, providing many opportunities for Australian businesses to take advantage of the growth of infrastructure in the region," Mr Hockey said.
International Monetary Fund chief Christine Lagarde has said the IMF would be delighted to co-operate with the bank.
Such support has inspired Britain, France, Germany and Italy to join talks, along with New Zealand, India, Singapore and others.
Earlier, Foreign Minister Julie Bishop said there was "quite a way to go" before Australia became a founding member of the bank.
Labor leader Bill Shorten said the "chaotic and incompetent" cabinet was split over the bank, but the federal opposition was strongly supportive.
Mr Abbott said the issue was being taken seriously and the government would not rush into its final decision.
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