Australia's Prime Minister Malcolm Turnbull warned on Wednesday that a conflict with North Korea would be shattering, as tensions between Washington and Pyongyang intensified.

US President Donald Trump said Tuesday he would 'unleash fire and fury' if North Korea continued to make threats, and Pyongyang responded by saying it was considering a missile strike against the US territory of Guam, reported Deutsche Presse-Agentur, DPA.

Turnbull told reporters in Canberra the only way to deal with North Korea was with maximum economic pressure and welcomed new sanctions imposed by the United Nations Security Council.

Australia would implement the sanctions, Turnbull said, adding that it was critical North Korea came to its senses.

"A conflict would be shattering. It would have catastrophic consequences. We all understand that," Turnbull said, according to DPA.