Treasurer Joe Hockey believes without Australia's G20 leadership last year in gaining an agreement to pursue a two per cent growth target, world growth would be slowing at an even more rapid rate.
Completing a two-day G20 finance ministers meeting in Turkey, Mr Hockey says there's great frustration the International Monetary Fund is downgrading world growth again.
"(But) world growth would be lower if not for our leadership and determination last year to have a two per cent target and to roll out a global infrastructure initiative," Mr Hockey told AAP from Istanbul on Sunday.
He said members of the G20 all agreed to renew their vows to implement their structural reforms that would lift growth and create jobs across the globe.
The meeting heard from the Organisation for Economic Cooperation that a third of more than 700 commitments made by the G20 under Australia's 2014 presidency have been implemented and the other two thirds are under way.
He said in the two years that the Abbott government has been in power, world growth expectations have been continually downgraded and commodity prices have fallen at an extraordinary rate.
"But our economy has proven to be both diverse and robust and Australia is preforming far better than any other comparable nations in the world that has gone through a significant fall in their terms of trade," he said.
Figures last week showed that the Australian economy grew at just 0.2 per cent in the June quarter, whereas Canada and Brazil are in recession.
He said the G20 meeting was "extremely constructive and productive" and was grateful for a frank and open approach from Chinese officials at the meeting about the outlook for their economy and how there had been a huge amount of misinformation.
Mr Hockey said the Chinese stock market was still 35 per cent higher than a year ago, even after three corrections.
"There undoubtedly will be further corrections on that exchange because there is a complete disconnect between the Chinese stock market and the Chinese economy," he said.
But he said there were signs of improvement in the Chinese real estate market.
There was also a lengthy discussion about the intention of the US Federal Reserve to raise its interest rates in coming weeks.
"There is a strong view that delaying the inevitable by the US Federal Reserve will just add to volatility over the next few weeks," he said.
