Parliament has signed off on Australia's founding membership of the Asian Infrastructure Investment Bank, a Chinese initiative aimed at improving living standards for millions across the region.
A bill to enable Australia to join the bank passed the Senate with bipartisan support on Tuesday evening.
The bank aims to satisfy an estimated $US8 trillion ($A11.2 trillion) infrastructure shortfall in Asia over the next 10 years and will help build projects like railways and ports.
Government frontbencher Nigel Scullion said the move would provide great opportunities for Australian trade and business and boost economic growth in the region.
Treasurer Joe Hockey in June formally signed up to the $US100 billion bank and committed Australia to contribute $A930 million as up-front capital over the five years.
Australia will be the sixth-largest shareholder.
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