The chief of the International Monetary Fund, Christine Lagarde, says the Sydney meeting of the G20 finance ministers and central bank governors was marked by an ''excellent spirit'' of global co-operation.
There were predictions before the meeting that there would be a rift between developing economies and advanced nations about the winding back of stimulatory economic policies in the United States and Europe. But Ms Lagarde said the ''difficult debates'' predicted before the meeting did not eventuate.
However, she did warn of the likelihood of global financial instability ''because monetary policies will not change … without a degree of volatility''.
Ms Lagarde complimented Joe Hockey and other members of the Australian delegation for facilitating a constructive discussion on these issues.
She described Australia's presidency of the G20 as ''action oriented'' following the two-day meeting in which members agreed to boost global growth by 2 per cent above the IMF's current projected levels over the next five years.
''We will certainly see to the fact that the G20 members identify those reforms, identify those actions, that are needed to deliver that 2 per cent objective,'' she said.
The communique released after the meeting said G20 members ''deeply regret'' that reforms to the IMF to allow developing countries such as China and India a bigger say in the IMF's affairs were not ratified. The US Congress failed to ratify changes to the IMF endorsed in 2010.
Ms Lagarde supported the proposed changes to the IMF because the institution needed to be ''representative of the evolution of the world economy''.
She urged ''rapid implementation'' of the reforms but said in the meantime the IMF would ''keep at'' its job as one of the guardians of international financial stability.
''Nothing is going to stop me from trying to be effective,'' she said.
Mr Hockey expressed ''deep disappointment'' that the IMF changes had not been implemented and put pressure on the US Congress to ratify the changes.
''We encourage the United States to do so before our next meeting,'' he said.
After the G20 meeting Ms Lagarde drew attention to the economic contribution of women.
She said the ''two genders'' would need to contribute if the G20 was to achieve its aim of lifting global growth.
Women's workforce participation is relatively low in some G20 nations and the Sydney communique referred to the importance of lifting employment and participation.
She thanked the co-chairman of the G20 meeting, Reserve Bank chief Glenn Stevens, for his role in fostering ''effective and productive discussions'' at the meeting.