Ms Bishop said it was now incumbent on North Korea to demonstrate its promises to denuclearise are genuine and substantive.
"The US, Australia, and the international community, will continue to apply maximum economic and diplomatic pressure on North Korea until it makes concrete commitments to complete, verifiable and irreversible denuclearisation," Ms Bishop told AAP on Friday.
US President Donald Trump pulled the pin on the meeting with North Korea's Kim Jong-un, blaming "tremendous anger and open hostility" by Pyongyang.
In a letter to North Korea backing away from the June 12 summit, Mr Trump pointed to America's vast military might and warned against any "foolish or reckless acts".
"I note that President Trump has invited Kim Jong-un to demonstrate a commitment to holding the summit," Ms Bishop said.
Defence Industry Minister Christopher Pyne said Mr Trump had done the right thing cancelling the summit.
"I think what President Trump is saying is, if we're going to have a summit it's got to mean something, it's not just a show," he told Sky News.
Mr Pyne said President Trump's approach was different from previous administrations that were being "salami sliced all the time".
"If it doesn't get what it wants it walks away," he said.
Labor's defence spokesman Richard Marles said he couldn't see the point of the summit if North Korea wasn't going to relinquish its nuclear weapons.
"The Americans are making it very clear the non-negotiable here is de-nuclearisation of North Korea," he told Sky News.
