Australian Prime Minister Malcolm Turnbull has gone on the offensive on Tuesday afternoon, telling a radio host in Brisbane, the Trans-Pacific Partnership (TPP) is not dead yet.

This comes after Labor Federal Opposition leader Bill Shorten claimed that although there might be strategic and economic benefits to the trade deal, it is "dead" due to the incoming Donald Trump administration.

"The result's over, the verdict's in. The TPP is dead in the water," Shorten told a gathering at a Sydney business, early Tuesday.

But Turnbull told ABC Radio that he had discussed the TPP with Mr. Trump.

The prime minister said key Republicans in the U.S. Congress are supportive of the TPP.

"Mr. Shorten is going back, he's not yesterday's man...he's last century's man -- He wants to go back to protectionism."Turnbull said, adding "what we've done is deliver strong economic growth and jobs by opening up those big markets."

When asked if the TPP could continue without U.S. support, Shorten made clear the agreement would then be significantly altered.

"We need trade which includes America in terms of the regional architecture. If Mr. Turnbull has another plan, put it on the table." Shorten said.

U.S. President-elect Donald Trump has pledged to pull out of the trade pact on his first day of office, on Jan. 20, 2017.