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

Foreign Affairs Minister Penny Wong revealed the boost at the opening of the ASEAN-Australia Special Summit today.

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

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 additional $40 million has also been allocated to expanding Australia’s South-East Asian maritime partnerships through skills development, training and technology sharing over four years.

Wong warned of a risk of conflict through “miscalculation” as she stressed ASEAN nations have a shared responsibility to keep peace in the region.

“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.

Strengthening business connections and co-operation on maritime operations, climate change and clean energy are top of the agenda at the three-day summit.

Newly elected Philippine President 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.

ASEAN, an abbreviation for the Association of South-East Asian Nations, comprises 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.

Albanese is due to hold private meetings with the leaders of the 10 nations in addition to events held in public.

AAP