Treasurer Joe Hockey says the world's central banks need to co-ordinate their actions to avoid shocks to financial markets.
Mr Hockey said there has to be a policy of "no surprises" in setting key interest rates and planning economic stimulus programs.
"I think if there is a no surprises policy in relation to monetary policy activity and central banks around the world have reasonable warnings of what may be events that do create market volatility then I think that's not unreasonable," the Australian treasurer told reporters at the G20 finance ministers and central bank governors' meeting in Sydney on Saturday.
"I know that central bank governors' words are bullets, I'm not about to put words in their mouth."
A key part of the discussion at the G20 meeting will be the impact of the US central bank's tapering of its massive economic stimulus program.
The US Federal Reserve in recent weeks has faced criticism, particularly from India and South Africa, for the market volatility caused by the Fed's tapering of its bond purchase program.
The Fed was purchasing $US85 billion of government bonds from commercial banks each month in order to encourage lending and stimulate growth.
That has now been scaled back to $US65 billion a month and the members of the Fed's policy-making committee have expressed a desire to keep tapering as long as the US economy continues to improve.
