SYDNEY, March 20 -- Australian Treasurer Joe Hockey said on Friday that the Asia Infrastructure Investment Bank could help Australian companies win contracts.

Hockey's comments follow media reports that the Australian Cabinet's national security committee (NSC) is set to approve Australia's involvement with the bank on Monday.

According to Fairfax Media, the NCA will discuss Australia's conditions for joining the bank.

Hockey told Fairfax radio that the bank would "use contractors in our region" and it would boost Australian business.

"We want work for Australians out of this bank and because it's operating in our region, in our neighborhood, it is important that Australia fully understand and look at participating in this bank, " he said.

Australian Prime Minister Tony Abbott told reporters on Friday that infrastructure development was a major focus for the government.

"We have a huge infrastructure deficit not just in this country but across our region," Abbott said.

"What we are considering in terms of the Asia Infrastructure Investment Bank is absolutely consistent with what we are doing domestically.

"We want to build infrastructure, we want to reduce tax, we want to get red tape down, we want to unleash the creativity of our people."

Federal Opposition's Labor Bill Shorten urged the government to join the bank.

"Labor has been saying for months now that Australia should announce support for the Asian Infrastructure Investment Bank," he said in a statement.