The weekend's election result has the Liberal Party on the hunt for a new leader, with Peter Dutton emerging as the most likely replacement for Scott Morrison.
Mr Albanese will be sworn in with his deputy, Richard Marles, and frontbenchers Penny Wong, Jim Chalmers and Katy Gallagher.
He and Senator Wong, the incoming foreign affairs minister, will fly to Japan later today to meet with the leaders of the Quad — the United States, India and Japan.
"Travelling to the Quad meeting in week one signifies how important we believe this partnership is for our security," Senator Wong said in a statement.
“And we will be taking new energy and much more to the table — including our commitment to act on climate change after a lost decade."
US President Joe Biden phoned Mr Albanese late on Sunday, congratulating him on the win and thanking him for choosing to travel to Tokyo for the meeting.
The five politicians will hold all the portfolios until Mr Albanese swears in his full frontbench.
Mr Chalmers will be the new treasurer and Senator Gallagher the finance minister.
There has been uncertainty about what role Mr Marles, the incoming deputy prime minister, will hold. As deputy leader, he can pick his portfolio and there is speculation he wants to return to defence.
Mr Albanese wants national cabinet to meet in person in the coming weeks as he sets about implementing his agenda.
Story first published on ABC News