The federal government has issued financial sanctions and travel bans against five Iranians with connections to the country's missile program, as the travel warning for Israel was updated to the highest possible setting. 

The sanctions target two directors and a senior official in Iran's Aerospace Industries Organization, and two directors of the Shahid Bagheri Industrial Group. 

They were imposed alongside similar measures by the United States and the United Kingdom.

The sanctions were announced early on Tuesday, a fortnight after Iran fired 180 ballistic missiles at Israel, an action that Foreign Minister Penny Wong described as a "dangerous escalation that increased the risk of a wider regional war".

Earlier this week, Iran's foreign minister said the country has "no red lines" when it comes to defending itself, after Israeli Prime Minister Benjamin Netanyahu vowed retaliation for the strike.

"Iran's proxies continue to launch daily attacks across the region, using missiles and other military equipment provided by Iran," Senator Wong said on Tuesday.

"Iran's delivery of ballistic missiles to Russia last month to aid its war against Ukraine further demonstrates Iran's destabilising role."

Senator Wong said the new listings brought the number of Iran-linked individuals and entities sanctioned by Australia to 200, with almost half of those linked to the Islamic Revolutionary Guard Corps, which is also sanctioned as a whole. 

"Australia will continue to hold Iran to account for its reckless and destabilising actions," she said.

Opposition Leader Peter Dutton said the government had done the right thing by listing the five individuals, but added that he believed there was "a compelling argument" for the Islamic Revolutionary Guard Corps to be listed as a terror organisation.

"It should apply to the Iranian guard as well, it's a statement of the obvious," he told reporters on Tuesday. 

"When people are talking about using nuclear weapons, when people are attacking a democracy like Israel, that's a very significant issue and it should be addressed."

The sanctions were announced a day after the Department of Foreign Affairs and Trade updated its travel advice for Israel, warning Australians against going there due to "an ongoing threat of missile and rocket attacks".

It is the first time the advice for all of Israel has been raised to "do not travel" — the highest possible travel warning — since the October 7 terrorist attacks and ensuing war in Gaza. 

Warnings were already in place against travelling to the Occupied Palestinian Territories, Lebanon, Iran and some other nearby countries.

The latest update urges Australians in Israel and the West Bank to leave while commercial flights are available and border crossings are open.

"We now advise do not travel to Israel and the Occupied Palestinian Territories due to the volatile security situation, armed conflict, civil unrest and terrorism," the advice reads.

At a media conference on Tuesday, Prime Minister Anthony Albanese said the advice had been updated because Israel is a "dangerous place at the moment".

"What we do is we take advice from our security agencies and the government then implements that advice," he said.

"We know that travelling into an area where there is conflict is a dangerous thing to do and it is appropriate that the federal government make announcements in accordance with that advice from security agencies." 

Mr Dutton also urged Australians to listen to the advice and refrain from travelling to Israel. 

"The announcement having been made, Australians should heed the advice of the government and not travel when they're advised not to travel," he said.

"It's based on intelligence, or it's based on security assessments, and we don't want Australians going into harm's way."