Australian public broadcaster ABC News said centerpiece of the new Australian prime minister's thinking would be a 2 billion Australian dollar (€1.3 billion) infrastructure bank for the Pacific.
Australia will also strengthen its links with police forces in the Pacific.
In a speech at a military base in Queensland, Mr Morrison said a strong, stable Pacific region would assist Australia's security and economic growth.
In late September - soon after the change of government in Australia - Wang had met with Payne, the newly enlisted foreign minister, on the sidelines of the United Nations General Assembly in NY.
"This is our patch. We are connected as members of a Pacific family". Diplomats will be placed in all 18 countries in the Pacific Islands Forum, with new embassies planned for Palau, the Marshall Islands, French Polynesia, Niue and the Cook Islands.
Wang also emphasized that China welcomes more Australian quality products entering into the Chinese market.
Another AU$1 billion ($728 million) will be injected into the Export Finance and Insurance Corp., Australia's export credit agency, which will be given more flexibility to support investment in the region that would benefit Australia, he said.
Australia has long regarded the South Pacific as a crucial focus of its foreign policy.
Morrison is set for meetings with world leaders next week at the East Asia Summit in Singapore and Asia-Pacific Economic Cooperation in Papua New Guinea.
He will announce measures to boost relations, including more navy deployments for training and exercises, partnering with commercial media outlets to beam more Australian content into the Pacific and a new sports diplomacy program to bring people together.
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He welcomed Mr Morrison's plan to prioritise the Pacific when it comes to foreign aid "but our decimated aid budget can only stretch so far".
Mr Morrison suggested Australia had failed to do enough to shore up ties in the region, saying he was seeking to ensure a "step-up" in relations.
"So we have a very special relationship with the Pacific and we need to for our own interest as well as that it's part of the community and family of nations we live in". "And sadly I think too often we have".
Earlier this month, Australia said it would help PNG develop a naval base, beating out China as a possible partner for the port development.
"You've got the Pacific full of these useless buildings which nobody maintains, which are basically white elephants", she told the newspaper.
Chinese State Councilor and Foreign Minister Wang Yi and Australian Foreign Minister Marise Payne held the fifth China-Australia Foreign and Strategic Dialogue on Thursday, with both officials vowing to promote bilateral ties on the basis of mutual trust and win-win results.
The two countries have endured turbulent ties following Canberra's introduction of laws late a year ago to curb foreign interference - measures that were seen as aimed at Beijing.
Australia's prime minister has outlined the country's plans to increase investments in infrastructure in the South Pacific as China's influence in those nations grows.
China would not be explicitly mentioned by Morrison, but the "reorientation would go some way to countering the [Chinese] largesse flowing into tiny nations such as Fiji, Tonga, Vanuatu and the Solomon Islands from Beijing", said the West Australian.
They met just hours after Australia revealed that it was likely to block the A$13 billion takeover by a Chinese firm of Australia's largest gas pipeline business. "We are confident Australia will translate its positive will of growing relations with China into actual actions".