Australia will face co-hosts Sri Lanka in Pallekele on Monday night (Tuesday AEDT), with their campaign in danger following the side's shock loss to Zimbabwe last week.
Ireland's crushing defeat of Oman on Saturday means Australia could be out of contention as early as Tuesday, if results do not go their way in coming days.
While Australia's clash with Sri Lanka is not necessarily must win, the 2021 champions will be knocked out if they lose and Zimbabwe beat Ireland on Tuesday.
Even victory over Sri Lanka may not be enough, with the Aussies still likely relying on a big win over Oman and net run-rate to go through to the Super Eight stage.
If Australia do not get past the initial group stage, much will likely be made of the personnel missing for this tournament.
Steve Smith is in Sri Lanka on stand-by for Mitch Marsh (groin), after the batting maestro was initially overlooked.
Australia have also kept one spot free in their 15-man squad, after Josh Hazlewood (achilles) followed Pat Cummins (back) in missing due to injury.
Sean Abbott also remains on stand by, but for now Australia have their least experienced frontline pace attack for a World Cup in any format since 1979.
Nathan Ellis took 4-12 in the side's first-up win over Ireland, but he and Ben Dwarshuis went wicketless as Zimbabwe hit 2-169 on Friday.
"The bowlers in the group that are here are good enough," Renshaw said.
"You've seen them perform so many times in world cricket. Sometimes they just don't get the wickets, the ball lands in the gap.
"But yeah, I back our bowling group. We probably should have chased that down (against Zimbabwe). I don't think it's the bowling group that should get the blame."
If Australia are knocked out in the group stage, it will mark the first time they have been eliminated that early in a tournament since the 2009 World T20.
They have also failed to get past the Super 10 and Super 12 stages in 2014, 2016 and 2022, after not being required to play in the opening group phase of the tournament.
But Australia were widely expected to cruise through the opening stages this year, only needing to finish top two in a group consisting of Ireland, Oman, Zimbabwe and Sri Lanka.
"T20 cricket in general, people can have a day out," Renshaw said.
"I don't think the gap's as big as what everyone's saying.
"Yes, there's a difference in the rankings, but T20 cricket, someone can have a great day out, someone can get a few early wickets and it's just the game changes.
"So I think that's just the nature of T20 cricket and (Zimbabwe) played really well."
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