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Foreign Minister Bob Carr, who is in Colombo for a three-day visit, said he would discuss the idea during talks with leaders on how to deal with people-smuggling.
"It's about defeating those who want to get rich by preying on the aspirations of Sri Lankans for a better life," he told the Australian Broadcasting Corporation.
More than 16,770 boatpeople have arrived in Australia in 2012, with Sri Lankans making up the biggest group, accounting for more than 6,360.
Canberra has struggled to contain the record flow of boatpeople from Sri Lanka and has already sent home hundreds it has deemed to be economic refugees.
Sri Lanka says it has also stopped nearly 3,000 people from illegally journeying by boat to Australia this year.
In a statement, Carr said the plan included increased maritime cooperation, intelligence sharing and reducing incentives for smuggling ventures.
"We're setting a clear agenda for intelligence sharing, naval cooperation and helping rebuild