Mr Carney's three-day trip to Australia comes after a series of engagements between the two leaders, who have met nine times, most recently on the sidelines of the G20 summit in South Africa in November.
The Canadian leader will land in Sydney on Tuesday and travel to Canberra to address Parliament House on Thursday.
Mr Carney will deliver opening remarks at the Lowy Institute in Sydney on Wednesday night about shifts in the global order and the opportunities they present for middle powers.
He may speak on themes touched on at his widely heralded World Economic Forum speech in January, when he called for middle powers to work together to build a more co-operative, resilient world.
In that speech, Mr Carney sought to move beyond US President Donald Trump's claims on Greenland and urged smaller countries to band together to not to be overpowered by larger players.
"Middle powers must act together because if you are not at the table, you are on the menu," he told the forum.
Mr Albanese said the visit will be an opportunity to further strengthen Australia and Canada's co-operation on investment, economic security and critical minerals.
"I am pleased to welcome my friend Prime Minister Carney to Australia and look forward to his address to the Australian Parliament," he said in a statement.
"Canada is one of Australia's closest friends, built on generations of trust, with a shared commitment to supporting stability across the Indo-Pacific and beyond.
"As our countries face new challenges and opportunities, we must deepen our co-operation with partners to promote our national interests."
Defence and intelligence co-operation is also expected to feature prominently, with both countries being longstanding partners through the Five Eyes network.
The Five Eyes is an intelligence-sharing alliance comprising Australia, Canada, New Zealand, the United Kingdom and the United States.
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