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The crisis in Ukraine and the threat of Ebola are expected to be discussed, while campaigners want climate change on the agenda.
Vladimir Putin is expected to face a hostile reception from some Western leaders concerned about Russia's increasing military assertiveness.
Speaking ahead of the G20 summit, the Russian president said US and EU sanctions imposed over Russia's actions in Ukraine would harm not just Russia but the global economy.
Australian Prime Minister Tony Abbott said world leaders would use the summit, which groups developed and emerging economies, to discuss job creation, identifying tax cheats and strengthening the global economy.
Leaders are expected to expand on plans agreed in February at the G20 finance ministers' meeting to boost global economic growth by 2% in five years.
"Obviously I would like this discussion to focus on the politics of economic reform," Mr Abbott said as he opened the session on Saturday.
"In the end, though, this is your retreat, it is open to any of you to raise any subject that you wish."
The BBC's Linda Yueh in Brisbane says that while the global economy is the official focus of the summit, the agenda is likely to reflect what the people around the table are concerned about - including Ukraine, the spread of Ebola and climate change.
Our correspondent says the question will be how much can be achieved by leaders of the G20 nations with so much to discuss in just two days.
In early developments:
British Prime Minister David Cameron has outlined new measures to tackle jihadists who fight abroad, in an address to the Australian parliament Japanese Prime Minister Shinzo Abe called for closer tripartite defence ties with the US and Australia, and urged "tangible steps taken in the area of security and defence cooperation" with Canberra, in a piece for the Australian financial review
Brisbane, in the state of Queensland, is said to be taking unprecedented security measures for the summit, with some 6,000 police deployed.
Twenty-seven different groups have been given permits to protest at designated areas near the Brisbane Convention and Exhibition Centre, the venue hosting the meeting, and thousands of people are expected over the weekend. More than 200 protesters buried their heads in the sands of bondi beach on Thursday in a demonstration over climate change inaction.
Earlier in the week, the US and China made what US President Barack Obama described as "historic" pledges on emissions, with the US promising greater cuts and China for the first time setting a date by which emissions would peak.
Australia has, however, stood firm on keeping climate change off the agenda of the G20 summit.
The government is facing criticism over its climate policies. Since coming to power, Mr Abbott has axed a carbon tax and overseen a 70% fall in investment in renewable energy.
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