Treasurer Wayne Swan says currency reform is an important part of the G20's reform agenda if the developed world is going to promote sustainable economic growth.
Addressing the New York Stock Exchange, Swan says the G20 has to show it's capable of dealing with structural reforms which lift growth, not just shift it between countries.
But he says currency reform isn't the only issue, adding it has to be accompanied by structural reforms to promote sustainable growth in all economies.
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Swan attended International Monetary Fund and World Bank meetings over the weekend in Washington where a bitter row ensued over currencies.
Mr Swan said global imbalances, which were a key underlying cause of the global financial crisis, remained.
"One of the lessons of the last decade is that the US cannot and should not continue to be the consumer of last resort for the global economy," he said.
He said developing nations need to see a faster rate of growth in domestic demand, while developed countries need to undertake reforms that increase national savings, if the global recovery is going to be more balanced.
"Our challenge must be to lift growth, not just shift growth," he said.
"That's why we need to continue to work together with the G20 to deliver comprehensive global economic reforms to achieve strong, sustainable and balanced growth."
