Despite the lack of any election, the Federal Government is recognizing Venezuelan opposition leader Juan Guaido's claim on the presidency over that of incumbent President Nicolas Maduro who won reelection last year.

Foreign Affairs Minister Marise Payne said Australia ''recognises and supports the president of the national assembly, Juan Guaido, in assuming the position of interim president, in accordance with the Venezuelan constitution and until elections are held".

"Australia calls for a transition to democracy in Venezuela as soon as possible," Senator Payne said.  "We now urge all parties to work constructively towards a peaceful resolution of the situation, including a return to democracy, respect for the rule of law and upholding of human rights of the Venezuelan people."

Opposition leader Bill Shorten and Labors foreign affairs spokeswoman Penny Wong supported the government's decision to go along with the US and Donald Trump's push for regime change in the oil- and mineral resource- rich South American country.

Venezuela's economy has been in the tank for a long time.  Critics blame the Socialist policies of Maduro and his predecessor Hugo Chavez.  But 70 percent of the Venezuelan economy is firmly in the private sector, and Maduro blames economic sabotage such as wealthy elites hoarding consumer goods and outside interference from the US for the trouble.