Prime Minister Tony Abbott will today fulfil a long-held personal ambition to extend compensation to victims of the last decade's terrorist attacks.

Mr Abbott will announce in Bali today that Australians who have suffered in bombings since 2001 can start applying for payments of up to $75,000 within a fortnight.

His new Government has been given advice it does not need to pass laws to extend the current Overseas Terrorism Compensation Scheme.

Up to 300 people affected by attacks in New York, London, Egypt, Mumbai, Jakarta, Bali and Nairobi are estimated to be eligible.

The Government estimates that extending the scheme will cost around $30 million.

Mr Abbott, who has been in Bali for the Asia Pacific Economic Cooperation (APEC) summit, is both delivering on an election promise and revisiting memories of one bombing which struck home to him.

He has been arguing the case for terrorism compensation almost since 2005, when he was holidaying in Bali and pitched in to help after the second bomb attack.

"It is the Government's intention to activate the victims of terrorism legislation, as soon as is possible for the people who suffered here in Bali," he has said.

Today the Prime Minister will also pay his respects at the bombing memorial in Kuta, just three days short of the 11-year anniversary of the first terror attack in 2002.

"As someone who was in Bali when the second bomb went off, I will be very much thinking about the people who I came to know who were the victims of the second bombing," he has said.

As far as Newcastle victim Paul Anicich is concerned, Mr Abbott probably saved his life in the wake of the bombing.

Mr Anicich spoke about that when he stood alongside Mr Abbott in the recent election campaign.

"From what I am told, took yourself away from your family and to the site of where you had been told Australians had been bombed at personal risk to yourself to do what you could for your fellow man," he said.

All in all, the Prime Minister seems pretty satisfied with what he has achieved in two-and-a-half days in Bali.

Last night he met US secretary of state John Kerry, and he also held talks with the leaders of nations including China.

The Prime Minister heads to the East Asia Summit in Brunei this afternoon.