"There should be calm before reaction," Todt is quoted as saying.
However, he indicated that he agrees with those who think the amount of fuel-saving necessary to get to the end of grands prix this year is excessive.
"I do not want formula one 'economy runs'," said the former Ferrari team boss.
"The permitted amount of fuel, 100 kilograms, was proposed by the teams. For me it is not a problem if they want it to be 100kg."
But Todt said fuel-saving had nothing to do with the lack of overtaking in Melbourne.
"Instead it is the aerodynamics of the cars and the circuit in Melbourne, for example, has never been very good for overtaking.
"I am convinced that very soon we will see a lot of overtaking," he added. "So let's wait before making judgements."
Todt also indicated he is alert to the shrill criticism of F1's new turbo V6 'power units', which trackside at Albert Park were recently likened to 'sewing machines on wheels'.
"The noise is obviously different now, and if there is a problem with it then if the teams agree we can look at a way to make it noisier," he said, adding that he personally finds the tones of the new F1 era "fascinating".