"Australia stands ready to support an independent and strictly defensive multinational military operation, led by the United Kingdom and France, once it is established," said the country's Defense Minister, Richard Marles, in a statement.
Australia will contribute a Wedgetail E-7A surveillance plane.
On Tuesday, about 40 countries met to discuss measures. A press release said several countries would contribute, without naming them.
The UK will send unmanned mine-sweepers, drone boats and Typhoon fighter jets to patrol the area, among other assets. The destroyer HMS Dragon, which is already en route to the region, will also be part of the operation.
The effort is designed to complement diplomatic efforts, according to the UK.
