Foreign minister Penny Wong says she will not speculate on a potential conflict over Taiwan in National Press Club speech

The foreign minister made the remarks during an address at the National Press Club on Australia's diplomatic mission to shape the Indo-Pacific region into one where "no country dominates, and no country is dominated".

She referenced escalating tensions in the region around China's actions, such as the pace and scale at which it is modernising its military, as well as North Korea's ongoing nuclear weapons program and ballistic missiles launches.

Senator Wong tried to preempt questions from journalists about a potential conflict with China over Taiwan, insisting it was not appropriate to speculate about "regional flashpoints", including the Himalayas, Taiwan and the Korean peninsula.

"In particular, there is much frenzied discussion in political and media circles over timelines and scenarios when it comes to Taiwan," Senator Wong said.

"Anyone in positions like mine who feels an urge to add to that discussion should resist the temptation.

"It is the most dangerous of parlour games. My approach to this is not simply a politician seeking to avoid hypothetical questions," she said.

"It's a frank and clear-eyed assessment of our interests."

The foreign minister reiterated Australia's focus on maintaining the status quo, and addressing cross-strait issues through dialogue.

"Because let me be absolutely clear: a war over Taiwan would be catastrophic for all," she said.

"We know that there would be no real winners and we know maintaining the status quo is comprehensively superior to any alternative.

"It will be challenging, requiring both reassurance and deterrence, but this is the proposition most capable of averting conflict and enabling the region to live in peace and prosperity."

Pressed about comments from US President Joe Biden that he would be willing to use force to defend Taiwan, the foreign minister maintained she would not comment.

"My job and the task of those of us in these positions, is to do all that we can to press for the maintenance of the status quo through both deterrence and reassurance," she said.

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Senator Wong was speaking after former prime minister Paul Keating's inflammatory appearance at the National Press Club a month prior.

Mr Keating dismissed the landmark AUKUS deal as "irrational in every dimension", and said China posed no invasion threat to Australia despite rising aggression in the Indo-Pacific.

The former prime minister also lashed Senator Wong's diplomacy in the region: "Running around the Pacific Islands with a lei around your neck, handing out money, which is what Penny [Wong] does is not foreign policy.

"It's a consular task."

Asked whether she was forewarned about the comments, and if she had spoken to the former prime minister since, Senator Wong responded: "You could probably work that out for yourself."

"What I would say on the Pacific is the importance of the Pacific to Australia, the importance of a peaceful, stable region to Australia.

"I think I laid out [in my speech] this region has been well understood by previous prime ministers, and governments.

"On Mr Keating what I would say is this, I think in tone and substance he diminished both his legacy and the subject matter," she said.