Prime Minister Anthony Albanese on how he will handle meeting Donald Trump

In his first major speech after being re-elected with an enlarged majority, Mr Albanese told the National Press Club on Tuesday that he would lead the nation to "compete and succeed in the world ... Our own way, on our terms, in our interests".

"On things like the Pharmaceutical Benefits Scheme, the media bargaining code, our biosecurity in agriculture, they're not on the table," Mr Albanese said in response to a question about this approach to trade negotiations with Mr Trump.

"But are there areas in which Australia and the United States can have win-wins? Yes, I believe that there are, and I will engage in those discussions respectfully."

The Trump administration has called for Australia to lift defence spending and complained about strict biosecurity rules that block some beef from being imported from the US, as well as the low prices paid for US-made medicines on the PBS.

Mr Trump is yet to give any exemptions to sweeping US tariffs that have hit major Australian exports like beef, steel and aluminium, despite having told the Prime Minister this was "under consideration" in February.

Mr Albanese told the National Press Club that his government would not "imitate low-wage economies" or trade away "the things that make us the best country on earth".

The Prime Minister will attend the G7 Leaders' Summit alongside Mr Trump in Alberta, Canada, from June 15 to 17, creating an opportunity to finally meet face-to-face with the President, although no plans have been confirmed.

Asked if he would be prepared to walk away from such a meeting without a deal "if the Americans don't offer a good one", Mr Albanese said he did not want to pre-empt any conversation with the President.

"I want people to be able to have a mature discussion ... without screaming headlines," he said.

"On any arrangements, as we did with the European Union, we'll only sign up to things that are in Australia's national interest."

Mr Albanese also received what he described as a "very warm" congratulatory phone call from the President after being re-elected with an enlarged majority on May 3.

In his post-election National Press Club address, he said Australians had "voted against importing conflicts and ideologies that have no basis in our national culture or character".

"They rejected policies copied from overseas that would only leave us a smaller, narrower, less generous and more divided country," he said.

When asked about slow progress on the government's promised News Media Bargaining Incentive - which would impose a levy on social media companies like Meta that refuse to pay for news content on their platforms - Mr Albanese said it was "not on the table" in tariff negotiations, along with the promised under-16s social media ban.

"We respect the role of, particularly, local papers," he said. "As a local here in Canberra, it plays a vital role and it is of critical importance that those media organisations are able to survive."

The government is yet to release a promised discussion paper, a necessary step before introducing legislation to implement the levy, announced in December.

When asked if refusing to lift the defence budget to 3.5 per cent of GDP, as requested by the US administration, would imperil the AUKUS submarine deal, Mr Albanese said: "Australia should decide what we spend on Australia's defence. Simple as that."

"We will always provide for capability that's needed," the Prime Minister said, leaving the door open to higher defence spending if needed to achieve this, while saying "arbitrary figures ... lead to a cul-de-sac".

The Coalition went to the election with a pledge to lift Defence spending to 2.5 per cent of GDP within five years and 3 per cent within a decade and Opposition Defence Spokesperson Angus Taylor last week called on the Albanese government to commit to "at least" 3 per cent.

After revealing that he had spoken with Australian journalist Lauren Tomasi, who was shot by police in Los Angeles on Monday while covering the protests against immigration raids for 9News, Mr Albanese said his government had raised the incident with the Trump administration.

"We don't find it acceptable that it occurred. And we think the role of the media is particularly important," he said.

"She was clearly identified [as] a journalist ... People should respect the role that the media play in our modern society."

Asked if he would raise the issue with Mr Trump in person, Mr Albanese said he would not foreshadow "discussions between myself and the President".

"That's the way I deal with people - diplomatically, appropriately and with respect," he said.