Joe Hockey wants the world's richest economies to push for global growth that will create more and better paying jobs.
Opening the two-day G20 finance ministers and central bank governors meeting in Cairns, Mr Hockey said the gathering must lay down a plan to grow the world economy and bring great trust between countries for when G20 leaders meet in Brisbane in November.
"We have the opportunity to change the destiny of the global economy," Mr Hockey said in his opening remarks before the doors were closed to the media.
Like in Sydney in February, Mr Hockey is co-hosting the meeting with Reserve Bank governor Glenn Stevens.
At that G20 meeting Mr Hockey secured an historic agreement to lift global growth by an additional two per cent over the next five years.
He said more than 900 different initiatives have since been put forward by members.
"We are determined to make the world a better place, to grow the global economy, to make more and better paying jobs," he said.
G20 representatives will be presented with a didgeridoo painted by local indigenous people as a memento of their trip to Cairns.
Saturday's discussions will concentrate on the global economic outlook, growth strategies and infrastructure investment.
On Sunday the focus will be on global tax recommendations put forward by the Organisation for Economic Co-operation and Development and financial regulations proposals submitted by the international Financial Stability Board.
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