Australian former Treasurer Wayne Swan will jet off to Toronto, Canada on Friday in his new position as Deputy Prime Minister to represent Australia at this weekend's G20 leaders meeting.

Former Prime Minister Kevin Rudd, who was toppled by Julia Gillard in a leadership spill on Thursday, was supposed to attend the event.

Swan said there were two very important issues on the G20 agenda.

Firstly, the `Framework for Sustained and Balanced Growth' -- how governments deal with the imbalances in the global economy and how to put in place reforms so there will not be a repeat of the global recession.

"And associated with that is a discussion about financial regulation to make sure that we don't see a repeat of the financial crisis that led to the global recession," Swan told ABC Radio on Friday.

In a statement, Swan said the summit came at an important time with the global economic recovery proceeding at different speeds in different regions "and risks remain".

"The strong rebound in our own region and in emerging economies is contrasted with weak growth in some advanced economies," he said.

"The financial market turbulence of recent months, stemming from the difficulties in Europe, also reminds us of the potential risks to the global outlook and the challenges ahead."

Australian to U.S. ambassador Jeffrey Bleich said Australia would not miss out the G20 by sending the deputy prime minister instead of the prime minister.

Bleich said Australia would be very well-represented by Swan, and President Obama was looking forward to meeting him.

Swan is no stranger to the world stage, having been treasurer for nearly three years, and at a time of the worst global economic crisis since the Great Depression that triggered many an international gathering, Australian Associated Press reported.

"I have met most of these leaders before because I have attended the G20 with Kevin Rudd in the past," Swan told the Nine Network.

While in Toronto, Swan will participate in a CEO roundtable discussion on the Australian economy and address a lunch hosted by Canada 2020 and the Canadian Chapter of the Canada-Australia Chamber of Commerce.

There will also be a gathering of business leaders from across the G20 for Canada's "B20 Business Summit".

"This Business Summit is an excellent opportunity to involve business leaders in the work of the G20 and ensure we remain focused on supporting the global recovery, strengthening businesses and employment prospects," Swan said, adding that the meeting will be formally attended by lawyers Corrs Chambers Westgarth CEO John Denton, and financial services provider Lazard Australia former chairman Mark Burrows.