Australia has been ranked sixth in an index measuring overall power among countries in the Asia-Pacific region.
The Lowy Institute's Asia Power Index measured power across 25 countries in the region, with the US ranking in first place, ahead of China.
The ranking was based on eight factors - military capability, resilience, economic resources, diplomatic influence, future trends, economic relationships, cultural influence and defence networks.
Japan ranked in third spot, followed by India and Russia.
The report noted that Australia was an "over achiever" and that it wielded "more influence in Asia than would be expected from its resources".
Australia scored 32/100, with individual scores given in each category.
The country ranked second in defence networks, ninth in economic resources and seventh in cultural influences.
The study noted that in 2016, Australia was the second-largest destination for international students, with 282,945 students, and also produced 11 percent of global supply of rare earth metals, second only to China.
The country ranked ninth in military capability, which measured spending, weapons and personnel numbers.
Director of the Asia Power Index project at the Lowy Institute, Hervé Lemahieu, assessed the index.
“There is a still a US dominance in Asia and it is increasingly contested by China and those two front-runners are in a league of their own in terms of the power differential,” Mr Lemahieu told The Australian.
“(The US is on top) which is down to its unparalleled defence network without which the two would probably already be levelled. So that is a big finding, particularly given Trump’s scepticism for the alliance system.”
China was likely to overtake the US in the future, Lowy Institute Executive Director Dr Michael Fullilove said.
“Unless something changes drastically you would expect China to overtake the US in the next 10 or 15 years on the index,” he said.
“Donald Trump is a sceptic of the very institutions that currently enable the United States to maintain its edge over China - its alliance network... that China must surely envy.”
South Korea ranked in seventh spot, ahead of North Korea in 17th.
