MPs and senators were welcomed by Governor-General Sam Mostyn at Government House on Sunday as part of formalities before the official opening of the 48th parliament on Tuesday.
The new term will see Labor with an increased majority, holding 94 of the 150 seats in the House of Representatives after a landslide election win.
Speaking to federal MPs, the prime minister said those elected to parliament should not forget their responsibility to voters.
"It is such a privilege to sit either in the House of Representatives or the Senate. And something that none of us should ever take for granted," he said on Sunday.
"We need to take that responsibility seriously as well, as I know all of you will. And overwhelmingly, regardless of who you represent, people put themselves forward for public office overwhelmingly for all of the right reasons, because they want to make a difference to this country."
Mr Albanese said the make up of the next parliament was vastly different to that when he was first elected almost 30 years ago.
"In 1996, a lot of blokes from similar backgrounds made up most of the House of Representatives and the Senate," he said.
"As I look out here today, we are far more representative of the people that we represent and that is a very good thing."
The governor-general said Sunday's event was a chance for many to relax before parliament ramps up.
She said the gathering was also one of the only times she got to partake in a popular Australian tradition.
"It's the only time I get to have a democracy sausage in my term, because I have chosen not to vote over the period of my term," she said.
"My job is above politics and I felt it was important that I not choose anyone during this time, so I don't get democracy sausages other than (at Government House)."
While Tuesday's opening of parliament will largely be ceremonial, the federal government has flagged it would use the opening days of the new term to implement election commitments.
Among them are laws to reduce HECS debts for university students by 20 per cent, increase safety measures for children in childcare, as well as legally protect penalty rates for workers.
About 40 politicians will enter parliament for the first time and will give their maiden speeches.
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