Bill Gates, the world's richest man, was in Australia on Tuesday and met with the country's political leaders. He sought a higher foreign aid funding from the federal government of Australia, which is being used to help the world's poor.

Because of the large decrease in tax revenues, the federal government pushed back its goal of hiking foreign aid budget to 0.5 per cent of the gross national income by another year to 2017/18 from the original target of 2015/16.

"The sooner Australia can get up to the 0.5 per cent, which is the stated goal, the more kid will be saved and the more this region will be stable," Mr Gates told ABC radio.

"So when that got slowed down I was a little disappointed, but it has been increasing and people should feel good about that," he said.

The founder of Microsoft met with Prime Minister Julia Gillard on Tuesday morning. She thanked Mr Gates for recognising Australia's commitment to overseas development assistance.

"I think we are proud of our aid efforts but it's very nice to hear your words about that given how much personally you've done and continue to do so," Ms Gillard said.

Mr Gates established the Bill and Melinda Gates Foundation that aims to eradicate poverty, malaria and AIDS. The foundation has spent billions of dollars to improve healthcare and reduce poverty in developing nations. He is aiming for the eradication of polio by 2018.

Australia has pledged $50 million spread over four years to the Global Polio Eradication Initiative of the foundation.

After the meeting with Ms Gillard, Mr Gates met with former Prime Minister Kevin Rudd t tackle the issues espoused by the Gates Foundation as well as women's right, maternal health and China.

He will also meet with Opposition leader Tony Abbott before he delivers an address at the National Press Club at 12:30 p.m. and then head straight for the airport.

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