Despite being in Turkey for G20 meetings, the prime minister is receiving regular briefings from the federal police commissioner, director general of ASIO and his ministers.
Australian security forces are working with their French counterparts to assess risks and so far have provided no advice to raise the terror-threat level.
Mr Turnbull pointed to other recent large-scale attacks, including recent bombings in Turkey and Beirut, to highlight the global struggle with terrorism.
But he reassured Australians of his confidence in domestic security agencies, heralding their collective ability to "keep us safe".
"We can't pretend the risk is not there, but we have to recognise that the security agencies spend their days ensuring that these attacks do not occur," he told ABC television on Sunday.
Opposition Leader Bill Shorten confirmed his support for the government's national security measures, saying both sides would work together to provide resources to anti-terror agencies.
"Today is a day where we remind everyone that, if the terrorists hope they can divide us, they're not going to succeed in Australia," he told reporters in Melbourne ahead of his own national security briefing on Sunday.
At least 129 people were killed in co-ordinated suicide bombings and shootings on a bloody Friday night in Paris, with Islamic State claiming responsibility in retaliation for France's involvement in the Middle East.
Around 350 others were injured and Mr Turnbull made a phone call to the only Australian so far identified among them, 19-year-old Emma Grace Parkinson.
The Tasmanian is recovering in hospital after being shot in the hip when four gunmen opened fire near the Bataclan theatre where US band Eagles of Death Metal was playing.
Foreign Minister Julie Bishop confirmed there were still no reported Australian deaths, but security operations are ongoing, including near the Australian embassy.
A security operation near the embassy turned out to be a false alarm but Ms Bishop said the incident proved French forces were "hyper vigilant".
The G20 talks are now expected to be dominated by violent extremism and Mr Turnbull has already raised the need for a collective international approach.
Australia has joined air strikes in Iraq and Syria and Mr Turnbull reiterated the significance of the nation's efforts, particularly through the commitment of military resources.
"We are second only to the United States," he said.
Asked whether Australia's involvement in the Middle East heightened domestic risk, Mr Turnbull said his national security policies would not be dictated to by the threat of terrorism.
"They want us to bend to their will and we will not."
The prime minister hinted Australia could play a peacekeeping role in Syria, after a foreign ministers' meeting in Vienna signalled hope for a ceasefire and transition to a new government.
However, Mr Turnbull would prefer external peacekeeping forces to come from countries in that region.
His predecessor Tony Abbott said the latest atrocity proved more action was needed to beat the extremist IS group in the Middle East, but refused to be drawn on whether Australia should send in ground troops.
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