Australia said on Thursday it was suspending its extradition treaty with Hong Kong and announced measures to attract people and businesses from the Asian financial hub, after Beijing imposed a new security law there.

Prime Minister Scott Morrison said the new national security law introduced last week in Hong Kong was a fundamental change of circumstances and Australia would suspend the extradition agreement.

"There will be citizens of Hong Kong who may be looking to move elsewhere, to start a new life somewhere else, to take their skills, their businesses," Morrison said.