Australia's Greek community has appealed to Joe Hockey to urge debt relief for Greece, as government figures talked down the impact on the Australian economy.
Cash-strapped Greece has missed a 1.5 billion euros ($A2.17 billion) payment to the IMF as last-ditch efforts to find a compromise with official EU lenders came to naught.
The IMF has received a request from Greek authorities for an extension for Greece's repayment obligation, which will go to the fund's executive board soon.
Reserve Bank governor Glenn Stevens told reporters in London it was up to the Greek government, European Central Bank and European ministers to manage the situation.
"Australia's exposure is minuscule directly, so I would anticipate that there's unlikely to be material issues for us unless there was a major ruction in global markets, and in that world everybody's affected," Mr Stevens said.
"I think we're in good shape."
Greek community representative Bill Papastergiadis said the federal treasurer, who is Australia's formal IMF representative, should urge compassion and ask the IMF to consider relief for Greece.
While Mr Hockey has yet to comment, acting treasurer and Small Business Minister Bruce Billson said the government was closely watching events unfold.
Australia's direct economic interests in Greece were "relatively modest", he said, but eyes are still on what happens next.
"To our great credit we have a strong and resilient banking system," Mr Billson told Sky News on Wednesday.
Mr Papastergiadis said Mr Hockey should make his position clear.
"Without debt relief, the Greek state is in a perilous position - one that will only guarantee more suffering on its people," he said in a statement.
He wants Australia to play a productive role in the saga, given the potential for financial markets fallout from Greece's woes.
The country's Australian ambassador Haris Dafaranos told AAP he would not comment "during this transitional phase when the Greek people are asked to express next Sunday their verdict, but also because Athens leads the negotiation with the IMF and the European institutions".
He referred AAP to the statement from Mr Papastergiadis.
Greek citizens are due to vote on July 5 on whether to accept fresh austerity measures demanded by the nation's creditors.
The ambassador said the Greek government didn't foresee any inconveniences for Australian visitors given there were adequate supplies of fuel, products and services.
Capital controls don't apply to tourists wishing to withdraw money from an ATM or use credit and debit cards issued abroad.
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