Senator Panny Wong is expected to be sworn in as the new Foreign Minister, Cathy Gallagher is the Treasury Secretary, Richard Marles is the Deputy Prime Minister and Jim Chalmers is the Economics Secretary.
According to TASS, immediately after the ceremony, Albanese and Wong will travel to Tokyo for the quadripartite Quad security summit, which includes Australia, India, the United States and Japan.
Earlier, the leader of the Liberal Party of Australia, Scott Morrison, admitted his defeat in the parliamentary elections and congratulated his political rival, the head of the Labor Party of Australia, Anthony Albanese, on his victory.