The Australian Capital Territory (ACT) government is so dead-bent on seeing the 2014 G20 Summit in Canberra that it has indicated its willingness to play second fiddle to Sydney to win the gig.

While ACT authorities would love to exclusively host and pamper the G20 delegates with its unique offerings, a new territory study, however, runs in counter with ACT intentions.

Issued on Monday, the review effectively doused Canberra's chances of luring G20 officials to host the high-profile gathering, citing significant structural and logistical inadequacies that the self-governing territory must deal with over the next two years if it wants to secure the bid.

According to ABC News, the Australian capital needs to immediately implement infrastructure improvements in so short a period to hopefully impress G20 authorities of freshly-built hotels and facilities that could house numerous delegates and accommodate the series of meetings for the 2012 summit.

"Canberra must build the necessary functionality into the city in a strategic way so as to complement the existing investment in our asset base, and leverage parliament and the cultural and research institutes," the review suggested as reported by ABC.

New investments, which could run high, must be made soon if the ACT government indeed wishes to increase the chances of Canberra hosting the upcoming international conference, the study pointed out.

And the present shortcomings of the capital city, outlined in the review, were all clear to ACT Chief Minister Katy Gallagher but she refused to be bogged down by the gaps that will have to be filled later on.

While not admitting that time is essentially running out, Gallagher believes that the G20 bid could still be salvaged with some cooperation and assistance that hopefully the state government of New South Wales would gladly extend to Canberra.

The Chief Minister revealed that officials of the two local governments have already agreed in principle to make a joint a pitch for the 2014 summit.

According to Gallagher, once G20 governing officials pick Australia as the country host, set ups agreed upon by Canberra and Sydney will be rolled out, in which the former will handle events that serve as precursor to the main summit.

Sydney, in turn, will play host to the G20 big event, Gallagher told ABC.

"If we are clever and if we can work with the NSW Government to support their bid, we could have quite a calendar of events for that year if we were to be successful," the ACT official was quoted by ABC as saying.

"We have to look at growing our capacity if we truly want to look at becoming the national capital of Australia in an international sense ... that's about growing hotel capacity and convention centre capacity," Gallagher added.