Prime Minister Narendra Modi on Wednesday thanked his Australian counterpart Anthony Albanese for hosting the next Quad security summit in Sydney on May 24.

Modi expressed his thanks in response to Albanese's tweet earlier on Wednesday.

"Thank you @AlboMP for hosting the next Quad Summit in Sydney which will bolster our efforts to ensure a free, open and inclusive Indo-Pacific," PM Modi tweeted.

Earlier, Albanese had tweeted about hosting the conference in Sydney, saying: "Hosting our Quad partners in Sydney next month will be an opportunity for Australia to help shape the region we all want to live in."

The meeting at the Sydney Opera House on May 24 will be Australia's first opportunity to host the Quad Leaders' Summit.

Apart from Modi and Albanese, Japanese Prime Minister Fumio Kishida and US President Joe Biden will participate in the summit.

The summit will discuss the global economic environment, which is under pressure due to inflationary pressures, Albanese was quoted as saying by reports.