Foreign policy deals with the issues which will shape Australia's strategic place in an increasingly globalised security and economic environment.
Foreign Minister Julie Bishop says enhancing prosperity is also a fundamental aim of the nation's foreign policy.
Ms Bishop says the world is changing rapidly and Australia must find smarter and better ways to solve problems, meet challenges and embrace opportunities.
"Our economic diplomacy agenda underpins the Coalition's economic plan for jobs and growth and is reflected in the free trade deals that we have already concluded with China, Japan, South Korea and our new comprehensive partnership with Singapore. Thousands of Australian businesses are benefiting under these trade deals, which means more jobs here in Australia."
Ms Bishop says Australia must ensure the United States remains focused on the Asian region after the upcoming presidential election.
The Foreign Minister says it's in Australia's national interest to maintain the closest possible relationship with whoever wins the US presidency.
Opposition Foreign Affairs spokeswoman Tanya Plibersek says there is no reason Australia should choose between increasing trade ties with China and the military alliance with the US.
She says it's perfectly possible for Australia to maintain both diplomatic relationships.
"Our alliance with the United States is very important to our future. It was Labor, of course, that pursued the alliance after the Second World War. We say that our relationships with the international institutions - the United Nations and its subordinate organisations, the institutions that make up the Asian region's institutional arrangements - are also very important to our future and we want to be active participants in them. Thirdly, we say, of course, that our position in Asia, in the Indo-Pacific is critical to our future, making the most of the opportunities that our location gives us is a great challenge for any government."
The South China Sea has been the centre of longstanding tensions in the region, with territorial disputes between China and Vietnam, as well as other southeast Asian countries like Malaysia, Indonesia and Taiwan.
Opposition defence spokesman Stephen Conroy says a Labor government could give the the Australian Navy the go-ahead to undertake independent naval exercises in disputed waters of the South China Sea.
"I would give the armed forces the authority to conduct one if they believed it was necessary and safe. You don't declare beforehand you are doing it. You have to be sensible and take very careful advice. But I believe that the ongoing campaign in the South China Sea, which has over two or three years now seen oil rigs towed into other countries' waters, fishing zones declared unilaterally, absurd building of artificial islands on top of submerged reefs. This is a clearly - and it's not just one country, I want to make that really clear to those doing it - it's unhelpful, it's destabilising the region."
Defence Minister Marise Payne says the government does not comment publicly on the future activities of the defence force.
But she says it is in Australia's interests to have a stable and secure region.
"We support the right of nations to operate freely in international space in accordance with international law and our position in that has not changed in relation to any states. We don't take sides in the competing claims around the region but we do encourage all of those who are making claims and counterclaims to use international law as it stands, to use regional mechanisms as they stand, to settle those."
Australia's level of foreign aid too is seen as important.
One billion dollars was cut from foreign aid in the Abbott government's 2014/15 budget, coming on top a funding freeze made by former Treasurer Joe Hockey.
Another $224 million in cuts was announced in the last budget with the numbers depreciating further in following years.
Tanya Plibersek says a Labor government would reverse the cuts, but Ms Bishop argues there are better and more efficient ways to deliver aid and assistance.
"The leaders of countries that receive our aid are not asking for more aid, they are asking for more economic trade and investment opportunities and no country has lifted millions of people out of poverty by reason of foreign aid. They've done it because they've opened their markets, they've driven economic growth, and they've created jobs in their own country. Vietnam, China, South Korea, Thailand - it goes on. So we are focusing our aid budget on how we can make the biggest difference."
Fighting terrorism is a major issue.
Australia's commitment to help defeat the self-proclaimed Islamic State is estimated to cost more than $500 million a year and there are still Australian troops in Afghanistan helping with the international effort there.
Both parties are committed to helping the international effort to combat terrorism.
Tanya Plibersek says Labor supports the Australian action Iraq and Syria but Labor is calling for a better approach to handling the issues of humanitarian aid.
The effort has, in some senses, declined as this crisis has worsened. We said that we would take 12,000 Syrian refugees - a fraction of those have been resettled currently. Canada has seemed to do much better in its resettlement efforts than we have. So we need, yes, continued military effort to defeat a horrendous enemy, but we also need much greater international attention on the political solution and we could do better on the humanitarian front.
But she says Labor would have to very carefully consider any further requests for additional support in Afghanistan.
