Treasurer Wayne Swan says Russia's leadership in the G20 this year could provide the necessary platform to achieve real and lasting gains for the global economy.
In his opening remarks to the G20 finance ministers summit, Mr Swan said being in Moscow for the G20 underlined the fundamental shift in global economic power from West to East.
"Russia's G20 presidency, as both a European and an Asian power, confirms the G20's complete and genuine global reach and reinforced the shift from developed to developing nations."
Mr Swan said the Russian economy, like many, was hit hard by the global financial crisis, presenting a set of far-reaching proposals to reshape the global economic landscape ahead of the 2009 London summit.
"In particular, Russia's foresight in pushing for greater representation and collective action in April 2009 set the G20 up as the pre-eminent voice in global economic decision making," he said.
"Today, I bring the personal support of Australia's Prime Minister as Russia goes about the substantial task of hosting the G20."
Mr Swan said there were tough and difficult issues ahead and leadership was needed.
"Like before, Russia's leadership in the G20 this year can provide us (with) the necessary platform to achieve real and lasting gains for the global economy," he said.
"Boosting growth and creating jobs is a global economic imperative - an agenda which Australia will continue when we host next year."