Australia will pump an additional $262.5 million into development and security programs in Southeast Asia, as high-level talks between the region’s leaders kick off in Melbourne.

Foreign Minister Penny Wong revealed the boost at the opening of the ASEAN-Australia Special Summit on Monday as she warned conflict in the region would be as devastating to economies and communities as conflicts in Gaza and Ukraine.

Security has been bolstered across the city and Victoria Police given special powers under the Terrorism Act as a precaution to protect dozens of leaders and dignitaries from the region.

Ms Wong revealed an additional $222.5 million will go towards water security, combating transnational crime and responding to climate change through the Mekong-Australia Partnership over five years.

An extra $40 million has also been allocated to expanding Australia’s Southeast Asian maritime partnerships through skills development, training and technology sharing over four years.

Ms Wong said the region’s character was under threat and warned there was a risk of conflict through “miscalculation” but did not mention which country this applied to.

“What happens in the South China Sea, in the Taiwan Strait, in the Mekong subregion, across the Indo Pacific affects us all,” she told delegates.

Australia also announced an additional $10 million towards partnerships on climate change and energy projects between ASEAN countries and federal, state and territory agencies.

Climate and energy, strengthening business connections and co-operation on maritime operations are key issues for Australia at the three day summit.

Newly elected President of the Philippines Ferdinand Marcos Jr, Malaysian Prime Minister Anwar Ibrahim and Vietnamese Prime Minister Pham Minh Chinh are among leaders attending the high-level talks hosted by Prime Minister Anthony Albanese.

Mr Albanese, who will meet with the Malaysian prime minister on Monday, said the summit was an opportunity to work with regional neighbours to create jobs in Australia. 

“That’s what our international engagements are about – benefit for Australia in terms of our economy, but also in our uncertain world and national security interests as well,” he told reporters on Sunday.

The event is being held in Australia for the first time since 2018, offering leaders an opportunity to hold bilateral meetings on top of a packed program of panels and discussions across three days from Monday.

Business leaders from the region are also attending the summit.

Protesters staged a demonstration outside in an effort to highlight suffering in Myanmar under the military junta.

ASEAN, an abbreviation for the Association of Southeast Asian Nations, is made up of Indonesia, Malaysia, the Philippines, Vietnam, Brunei, Cambodia, Myanmar, Laos, Singapore and Thailand.

Australia is not a formal member but has been a dialogue partner for the past 50 years. 

Timor-Leste will also observe the summit.

Mr Albanese said ASEAN was Australia’s second largest two-way trading partner when viewed as a bloc and noted more than one million Australians have Southeast Asian heritage.

“The Special Summit commemorates our shared history and focuses firmly on the future – on how we can deepen our ties and Australia’s engagement with our region,” Mr Albanese said.

“Australia sees ASEAN at the centre of a stable, peaceful, and prosperous region.

“Strengthening our relationship ensures our shared future prosperity and security.”

Mr Albanese is due to meet privately with the leaders of 10 nations in addition to events held in public.

This post was originally published on Michael West.