Uniformed police stood in twos and threes on street corners outside the two major hotels which are playing host to the G20 finance ministers and central bank leaders. Men in sharp suits with earpieces stood discreetly in the lobbies and entrances of the Sofitel Wentworth Hotel, and the Intercontinental, in Phillip Street.

Glenn Stevens, the Governor of Australia's Reserve Bank, slipped in from the street with nary a minder in sight.

In the lounges and side-lobbies, national delegations put the final touches to their presentations and went over tactics for the main meeting. Otherwise there was little outward sign that an event which could fundamentally shape the world's leading economies  and affect the livelihood of billions over the next five years was about to get underway.

At mid-morning, excitement surged briefly through the media room when a sole protestor was confronted and detained by police at the Intercontinental.

He'd been waving a placard protesting at what he said was the Australian government Future Fund's use of tax havens.

At 3.30pm, the leaders and their delegations walked quietly into the main conference room for the mandatory group photo, and the official launch of an intense day and a half of talks aimed at turbo- charging world economic growth.

Thus far, it has all been a far cry from the dramatic street protests which have been the backdrop to some other G20 meetings of recent years.

The G20 gathering of 2006 in Melbourne, for instance, saw thousands take to the streets in protest, with the more militant elements clashing repeatedly with police. Then treasurer Peter Costello branded them " criminals." Some Victorian police were hospitalised, and scores of protesters were later arrested on charges including criminal damage, riot and affray.

In late 2007, during the Asia-Pacific Economic Cooperation forum, Sydney's streets were locked down for a week.

With then US President George W Bush arriving in town, there had been warnings for months about possible violent protests.

Kilometres of metal fencing herded pedestrians through narrow walkways and away from hotels where political leaders were staying.

Thousands of people attended an authorised protest, where NSW police had a new water cannon on standby.

Then-NSW premier Morris Iemma and his education minister, John Della Bosca, sternly warned school students not to take part.

There were red-faces among the security details when comedians from the ABC's Chaser team, managed to breach  a secure area by driving a fake motorcade, carrying a fake Osama Bin Laden, past  numerous checkpoints.

Perhaps the lack of excitement this time around reflected the other attractions on offer on a balmy summer' s day. As Treasurer Joe Hockey noted at his 8 am press conference on Saturday Sydney had " turned on the weather".

This weekend's finance ministers meeting in Sydney is the curtain-raiser to the grand G20 summit to be held in Brisbane in November, where the leaders of member nations will be present. Some are predicting that will prove more a magnet for protest groups.