Prime Minister Anthony Albanese has used his first speech at the United Nations to kick off a push to join the UN Security Council from 2029.
A bid will not come cheap, Australian National University international law professor Donald Rothwell warns.
"It will cost a lot of money," he told AAP.
The security council is made up of five permanent members and ten rotating spots. France, China, Russia, the US and the UK are always on the committee and have the power to veto any resolution.
If Australia were to join the council, it would be for a two-year term representing the "Eastern Europe and other countries" bloc that includes Canada and New Zealand.
The three Western allies normally co-ordinate their bids to join the Security Council, but the federal government will likely need to campaign against eastern European countries.
The last time Australia did so, the lobbying effort cost around $25 million.
In the nation's term from 2013 to 2014, the federal government helped co-ordinate the response to the downing of flight MH17, by spearheading a motion to secure an independent investigation into the crash.
Government sources say they are yet to lock in a dollar figure for the upcoming campaign.
Prime Minister Anthony Albanese used his speech to the UN General Assembly to breathe new life into Australia's bid, which began a decade ago under former foreign minister Julie Bishop.
He said joining the committee was a worthwhile goal.
"The United Nations is much more than an arena for the great powers to veto each other's ambitions," Mr Albanese told the UN General Assembly.
"This is a place for the global spotlight to shine on suffering and struggles that might otherwise be forgotten," he said.
Professor Rothwell said Australia would need to mount a strong campaign, with the vote usually contested quite fiercely because of the seat's prestige.
"It inevitably sees a very significant diplomatic effort on the part of Australia," he said.
The announcement of Australia's bid caps off Mr Albanese's visit to New York City, in which he secured a long-awaited meeting with US President Donald Trump, lobbied countries to ban children from social media and sat down with a slew of world leaders.
The prime minister will now visit the UK for talks on the AUKUS nuclear submarine deal, Gaza and Ukraine.
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