Prime Minister Malcolm Turnbull has accused Opposition Leader Bill Shorten of shallow populism and defended his pursuit of the Trans-Pacific Partnership (TPP).

Key points: Turnbull taking Australia down a "frolic" by pursuing TPP, Shorten says

Turnbull taking Australia down a "frolic" by pursuing TPP, Shorten says PM says Hawke and Keating would be ashamed of Shorten's stance

PM says Hawke and Keating would be ashamed of Shorten's stance US President-elect Donald Trump has previously vowed to pull out of deal

Earlier in the day, Mr Shorten pronounced the TPP "dead in the water" and said the Coalition's campaign for the deal was "a waste of time".

Mr Shorten cited United States President-elect Donald Trump's strong opposition to the deal and said the Coalition's support for the TPP was "beyond him".

In return, Mr Turnbull said former Labor prime ministers Bob Hawke and Paul Keating would be ashamed of Mr Shorten's protectionist position on the TPP.

"The TPP is a very important element in continuing to build those open markets of trade in our regions," he said.

"I know protectionism is popular in some quarters — I have seen Bill Shorten out there trying to turn himself into a protectionist — but really, Hawke and Keating would be ashamed, absolutely ashamed of that type of populism."

Mr Turnbull raised the prospect of Mr Trump softening his stance on the TPP once inaugurated as US president.

"Historically, American presidents have campaigned against free trade deals — President Obama did, President Clinton did — but in office have generally supported them," he said.

Mr Trump's nominee for US Secretary of State Rex Tillerson has previously voiced support for the deal.

US Senate majority leader Mitch McConnell said in August the trade deal could be revised under a new administration, rather than killed.

"It can be massaged, changed, worked on during the next administration. So, I hope America will stay in the trade business," he said.

Other countries consider TPP: Turnbull

Mr Turnbull said other nations still saw benefits in the TPP despite Mr Trump's opposition.

"There has been active consideration from the other countries in the TPP as to how the agreement can proceed without the US, or proceed pending the US making a decision," he said.

His comments came after the Government secured a deal with Japanese Prime Minister Shinzo Abe to continue to pursue the troubled agreement and pursue defence ties.

Trade Minister Steve Ciobo has also claimed the TPP holds "significant benefits" for nations other than the US.

"It is our earnest hope we will continue to see the ratification of the TPP by all 12 countries," he told a group of business leaders on Sunday.

Turnbull 'wasting time': Shorten

On his first day back at work, Mr Shorten called on the Government to focus on issues closer to home rather than pursuing the TPP.

"Donald Trump ... has made it clear that he is not going to ratify the Trans-Pacific Partnership, so why on Earth is Malcolm Turnbull taking us down a frolic with a treaty the Americans are never going to sign?" he said.

"When you talk about the TPP, it takes two to dance and the Americans aren't even up for the dance."

Mr Shorten said Australia should continue to pursue new trade deals but erred caution on the TPP.

"Why on Earth Mr Turnbull want to tee-off his year on a trade treaty that Donald Trump said he is not going to sign is beyond me," he said.

"It's a waste of time.

"In 2016, we lost 50,000 full-time jobs in Australia and I don't want to see a repeat of that this year."

Negotiations on the trade deal finished in October 2015 and signatories include Pacific Rim countries such as Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.