Australia will submit a more ambitious set of climate targets to the United Nations.
Prime Minister Anthony Albanese told reporters of the decision at a joint media conference with his New Zealand counterpart Jacinda Ardern in Sydney on Friday.
"I can confirm today, that we'll submit an updated nationally-determined contribution to the UN Framework Convention on Climate Change soon," he said.
Labor took a 43 per cent by 2030 emissions cut target to the May 21 election, while the Liberal-National coalition stood by its 26 to 28 per cent target.
Both major parties supported a net zero by 2050 target, heading into the election.
"The challenge of climate change is a national security challenge as well as being a challenge for our actual environment," Mr Albanese said.
"(It is) also an opportunity for us to grow jobs and increase economic activity."
Ms Ardern said New Zealand was "heartened" by the Albanese government's position on cutting emissions.
"It is good for our region and good for the world when we work collaboratively on this extraordinary challenge," she said.
"The Pacific region has listed climate change as its number one threat.
"And that is not out of symbolism, that is out of the reality that right now we already see the considerable effects of coastal erosion, of severe weather events, and of displacement in our backyard."
Chief executive of the Carbon Market Institute John Connor said the updated climate submission was a signal Australia was taking more serious action to reduce emissions.
Mr Connor told AAP there was no formal timeline for when Australia could update its submission after signalling its intention.
"We can table (the update) at any time," he said.
"It's a nation-driven thing, countries can do it at any time and updating this document sets out targets and the like ... it's not a treaty where it has to be ratified."
Mr Connor said the update would be critical ahead of the UN climate summit being held in Egypt later this year.
"The signing is a strengthening of our contribution to global efforts, but we're basically joining the middle of the pack of countries in ambition," he said.
"In the life of this government, it will have to develop targets for 2035 (by the 2025 conference), so we need to meet and beat our 43 per cent target."
