Mr Albanese and his New Zealand counterpart will hold the annual leaders' meeting in Noosa, Queensland, on Saturday.
Mr Luxon arrived in Australia on Friday for a two-day visit.
The prime minister and his wife Jodie Haydon hosted a reception for Mr Luxon and Amanda Luxon on Friday evening, with business leaders from the two nations in attendance.
Mr Luxon earlier met with members of Brisbane's 2032 Olympic Committee where he spruiked his nation's businesses for massive construction projects.
He said his government would make the most of the event to promote New Zealand as a tourist destination, with the eyes of the world on the region.
The two leaders will also discuss how to deepen defence and security co-operation, particularly in the Pacific.
Senior ministers from Mr Luxon's government have in recent weeks called on Australian business owners unhappy with the federal government's changes to the capital gains tax to move across the Tasman.
New Zealand's leader remains strongly opposed to taxing capital gains, saying it will harm businesses.
It is Mr Luxon's third official visit to Australia, after he last travelled to Canberra in August 2024 for talks with Mr Albanese.
The last annual leaders' meeting was held in Queenstown in August 2025.
Australia has no "closer friend, neighbour and ally than New Zealand", Mr Albanese said.
"Our alliance is more important than ever in the face of global uncertainty," he said.
"As new challenges emerge, Australia and New Zealand will continue to work together to safeguard the economic prosperity and national security of both countries and the Pacific region."
