Australian jobs are safer after the United States and China called a truce in their trade dispute, Scott Morrison has declared.
But the prime minister has also doubled down on other trade deals, hoping they'll provide a buffer against whatever may happen with the two superpowers.
US President Donald Trump and his Chinese counterpart Xi Jinping agreed on Saturday that the US would refrain from raising levies on Chinese imports for now while China would buy more of America's agricultural products.
"We're holding back on tariffs and they're going to buy farm products," Mr Trump told reporters after the G20 summit in Osaka, Japan.
Questions and speculation about the meeting between the two presidents overshadowed much of the G20 gathering, with the spreading collateral damage from their trade tensions hurting other countries.
Global growth in 2020 could drop from 3.6 per to 3.1 per cent if the US and China went ahead with additional tit-for-tat tariffs, International Monetary Fund head Christine Lagarde warned leaders.
Mr Morrison was pleased the presidents were able to regain the ground lost after they met in Argentina at the previous G20 in December.
"I think there is a better outcome, or certainly a better outcome than I anticipated and indeed, the participants in that bilateral relationship expected as well," Mr Morrison said.
He said Australian jobs were safer than would have otherwise been the case if a Sino-US truce had not been established.
"This increases certainty, which encourages investment, which creates jobs," he said, noting one in five Australian jobs was linked to trade.
The prime minister also used a series of bilateral meetings in Osaka to push forward other trade deals Australia wants to land.
"We just don't stand still while the major, two biggest powers of the world, sit and have their conversations. We get on with what we're doing," he said.
He discussed the Regional Comprehensive Economic Partnership with Vietnamese prime minister Nguyen Xuan Phuc, Indonesian president Joko Widodo and Japanese prime minister Shinzo Abe over the two days.
All committed to attempting to finalise the deal between 16 Asian and Indo-Pacific nations by the end of the year.
Mr Morrison also sought to push along a trade deal Australia is pursuing with the European Union, telling EU chiefs he is looking forward to getting into the "meaty section" of negotiations as quickly as possible with a view to having "something formative" by the end of the year.
And he resumed talks on an Indian deal with Prime Minister Narendra Modi.
Australia also won a significant G20 victory, convincing all leaders to sign on to a statement that puts tech giants on notice about their role in the spreading of terrorist and violent extremist content.
