The US president-elect will stride back into the Oval Office after another "America First" campaign that included proposed tariffs of up to 20 per cent on all US imports and higher levies on imports from China.
Mr Trump has vowed to end Russia's war in Ukraine and previously described the North Atlantic Treaty Organisation as "obsolete".
In a trade speech at the Japanese embassy in Canberra, Treasurer Jim Chalmers said the world was increasingly vulnerable and volatile due to the Russia-Ukraine and Israel-Hamas wars, as well as challenges in China's property market.
Good to speak this morning with President Trump to personally congratulate him on his election victory. — Anthony Albanese (@AlboMP) We talked about the importance of the Alliance, and the strength of the Australia-US relationship in security, AUKUS, trade and investment. I look forward to working…November 7, 2024
He suggested Australia and Japan were well placed to deal with whatever a second Trump presidency may bring, citing their "strong and enduring" relationship as fellow members of the Quad alliance.
"We shouldn't be surprised if a new US administration brings change," Dr Chalmers told the Federation of Japan Chambers of Commerce and Industry event on Thursday night.
"But equally, we should be confident in our ability to navigate that change, as partners.
"Recognising that Japan and Australia have a shared interest in the United States remaining engaged in the world and engaged in our region."
In a separate speech, Anthony Albanese launched an impassioned defence of democracy.
With right-wing populism on the rise, the prime minister argued the strongest antidote to "corrosive forces of cynicism and division" was democracy delivering for people.
"Only dictatorships pretend to be perfect," he said in Sydney, addressing the Commonwealth Parliamentary Association.
"Democracy is proud to be human. It is, in every sense, a work in progress."
Donald Trump claimed victory in the US presidential election on Wednesday evening. (Mick Tsikas/AAP PHOTOS)
Earlier, Mr Albanese personally congratulated Mr Trump on his election victory, which made him the first president in more than 130 years to claim non-consecutive terms in the White House.
The prime minister, who in 2017 said Mr Trump "scared the s***" out of him, said the pair discussed trade, security and the AUKUS partnership during their phone conversation.
"As prime minister, I have made it a priority to invest in relationships with world leaders, to build trust and respect in Australia's best interests," he told parliament on Thursday.
"I built that with President (Joe) Biden and I will do so with President Trump."
Opposition Leader Peter Dutton also congratulated the president-elect.
"We will make sure that President Trump is not somebody to be scared of, but somebody that we can work very closely with, and that's exactly what we will do," he told parliament.
Mr Albanese has backed the performance of Australian ambassador to the US Kevin Rudd, despite Dr Rudd's previous comments criticising Mr Trump.
Social media comments from Dr Rudd have been deleted following the election.
Opposition foreign spokesman Simon Birmingham questioned at Senate estimates why the ambassador had not deleted tweets criticising Mr Trump before he was re-elected president, given Dr Rudd had been a diplomat for some 18 months.
Women are anxious about the consequences of Donald Trump's presidency, Sarah Hanson-Young says. (Mick Tsikas/AAP PHOTOS)
Department officials pointed to Dr Rudd's statement, saying it was out of respect for the office of president, to which Mr Trump had now been re-elected.
They defended his tenure amid criticisms he would be ineffective under a Trump presidency due to his previous critical statements, noting the passing of key bipartisan legislation in Congress to enable AUKUS during his tenure.
Greens senator Sarah Hanson-Young said women in Australia were anxious about the consequences of Donald Trump's presidency and the country "desperately" needed to pull out of AUKUS.
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