Taking place at Parliament House, it was the first official meeting between the two since Prime Minister Turnbull took office in late 2015.
In a media release from the Prime Minister's office yesterday, Mr O'Neill confirmed that as a result of the Ministerial Forum in Canberra last week, Australia will be establishing a Consulate-General in Lae, which he says will create new "economic opportunities".
"Lae is the manufacturing capital of our nation, and is the road-gateway to the highlands and other areas in the north. [In establishing the Consulate] there is great potential for increased investment from Australian businesses, and to increase the export of our agricultural products [from] the area.
"The Australian Consulate-General will be a very useful resource for Australian businesses looking to create or expand their investment in Papua New Guinea", he added.
He went on to express his opinion that the new Consulate would be very much appreciated by PNG businesses, as it will allow those currently exporting to Australia to expand, and those seeking to begin exporting an excellent opportunity to establish engagements on a far more direct basis.
"Instead of having to arrange visas in Port Moresby, businesspeople from Lae or the Highlands, and other areas in the north of the country, can go to the new consulate", Mr O'Neill said.
The Prime Minister also thanked the Australian Government for supporting PNG's hosting of APEC in 2018, having hosted them themselves in 2005. Mr O'Neill said:
"We are working with our Australian counterparts and gaining from their experience in hosting APEC in 2007 and the G-20 meeting last year.
"The main area where we can work together on APEC is safety and security.
"We will have leaders and ministers from 20 other countries in Papua New Guinea, and we have already begun setting up a security operation that is of the highest standard."
Mr O'Neill added that Australia's assistance would give PNG capability beyond 2018.
"We appreciate the training that our military and police are undertaking with Australian forces, and their support for the upgrade of equipment that is being deployed.
"Our enhanced security capacity will last well beyond the APEC summit."
Mr Turnbull discussed issues pertaining to the Manus Island Regional Processing Facility with his counterpart from PNG. This is obviously a high-profile agenda item for both leaders at present, with claims before the PNG Supreme Court against the National Government. Mr O'Neill said that:
"The processing of asylum seeker claims takes time, and both sides are working to see the centre closed in the future.
"It has served the purpose to stop people smuggling and the loss of life at sea, and at the appropriate time it will close.
"Asylum seekers who are not deemed to be legitimate refugees are leaving our country. Those deemed as legitimate refugees, and who are willing to make a contribution to our nation have the opportunity to stay. There are refugees with skills and who are of good character that will want to help our people."
The Supreme Court has set a hearing date between April 25 and 29 to hear the constitutional challenge submissions.
