Anthony Albanese has defended his trip to the Caribbean after joining King Charles III and mining billionaire Andrew Forrest aboard Fortescue’s Green Pioneer vessel.

The Prime Minister told reporters in Antigua and Barbuda that his attendance at the Commonwealth Heads of Government Meeting was important to unite middle powers and for trade diversification.

Mr Albanese is also lobbying fellow world leaders for an Australian seat on the UN Security Council but on Monday local time denied that his quest to gain support for the temporary spot was his “primary objective”.

“No, I haven’t said that. I’ve said that the primary reason why I’m here is to pursue Australia’s national interests. That has a number of facets to it,” the PM said.

“Australia is a participant in the Commonwealth, and at the personal invitation of King Charles, of His Majesty, I agreed to come to this meeting.

“Australia’s national interests are served by a stronger global economy, by engaging in trade, by engaging with our economic partners, as well as our national security interests.”

The Prime Minister talked up Aussie “innovation” while aboard Fortescue’s 75-metre vessel, which was docked in the port of St John’s in Antigua, is powered by renewable energy rather than traditional diesel shipping fuel to cut the use of oil in global shipping.

The King did not make a speech.

The Prime Minister jetted off on Saturday, leaving Treasurer Jim Chalmers to handle the political storm over interest rates and he will not arrive home until next Friday evening.

The Coalition and One Nation have accused the government of excessive spending leading to persistent inflation.

The latest 0.25 percentage point increase by the RBA in September took the cash rate to 4.60 per cent — its highest level in 15 years.

For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments.

Mr Albanese argued Labor was working to address cost-of-living and denied his government’s spending had increased budget deficits by more than $100 billion since being elected.

It comes as Opposition leader Angus Taylor accused the Prime Minister of having a “$170 billion black hole” in his budget.

“You can’t make this up. On the same day Australians are staring at another interest rate rise, a has been discovered in Labor’s federal budget.

“They either don’t know where the $170 billion went. Or they do know and are hiding it from the Australian people.

“It’s hard to know which is worse.”

Mr Albanese appeared dismissive when questioned by a reporter about his government’s agency to impact inflation rather than leave the RBA to use what he admits is a “blunt instrument”.

“You’re paraphrasing,” Mr Albanese fired back.

He denied that remarks in his first speech to the Commonwealth Heads of Government indicated that he believed living standards can’t improve until the ongoing war’s end.

“What I say is… is that the global conflicts are having an ongoing impact on the global economy. That’s something that every single leader here I would reckon,” he said.

The PM claimed by engaging with the world Australia can “make our economy stronger”.

“It’s important in terms of diversification of our trade. That’s why the EU Free Trade Agreement is important,” he said.

“We work each and every day on cost of living.

“My government has made savings each and every time, around about $180 billion dollars.

“Indeed, the budget earlier this year produced $60 billion dollars of savings. More savings than any budget that’s been handed down.”

Mr Alabanese also highlighted the recent attack on independent MP Helen Haines during his speech in Saint John’s.

“Just a fortnight ago, an Australian member of the House of Representatives, Dr Helen Haines, was attacked, suffering grievous injuries. She remains in a serious condition,” he said.

“It has brought home to us the urgent need to protect our elected representatives, so they can continue to do their jobs.

“Across the world, political polarisation is reducing social cohesion, placing additional pressures on democratic processes.

“Threats against elected representatives are also increasing, especially against women.”

Of the 56 countries in the Commonwealth, there are representatives from more than 50 at this year’s CHOGM.

It marks the second for Mr Albanese after attending the 2024 meeting in Samoa and the first time an Australian PM has visited the Caribbean since 2009.