Australia will rise or fall on the effort it puts into international cooperation, the Reserve Bank boss says.
RBA governor Glenn Stevens said a tiny player on the economic stage like Australia can't afford to be parochial on issues of global governance.
"We are a mid-sized economy, with a small population. We are being equalled in that respect by GDP outcomes, and overtaken, by some of our Asian trading partners," he said Mr Stevens said at the launch of a book about the G20 and international economic governance.
Mr Stevens said Australia earned its place in the G20 group not by having powerful friends but by convincing other members we are useful to have at the table.
"That means contributing to the issues in a way that is globally relevant, not just being narrowly partisan," he said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"That's a luxury that only large countries can afford."
Mr Stevens, a G20 veteran, said it also involves putting in the effort in a targeted way.
"It means doing the travel, bearing the cost... to make our contribution worthwhile," he said.
The central banker said the success of Australia's G20 presidency last year was due to the efforts of former treasurer Joe Hockey.
While at the Brisbane summit, finance ministers made the historic agreement of raising world growth by an additional two per cent over the next four years, and Mr Stevens said it made an impact.
The next G20 leaders summit will be held in Turkey on November 15-16.
And in the past two months Foreign Minister Julie Bishop has announced Australia's bid for a seat on the United Nations Security Council in 2029/30 and its Human Rights Council in 2018-20.
