The Business Council of Australia (BCA) and other industry groups want the major political parties to look at the bigger, long-term picture and avoid short-term ad hoc policies.
Their call comes at a time when Treasurer Chris Bowen is drawing up an economic statement to be released in the next few days before the federal election campaign.
The BCA, which represents the nation's top 100 CEOs, released A 10-year plan for a stronger economy on Wednesday, covering nine policy areas.
BCA chief executive Jennifer Westacott says the government must get the budget back in order through a coherent plan.
"Let's get some change to the budget where the community can be confident that we have actually got a sustainable budget and we are not having to do budget revisions every three months," she told Sky News.
The council believes ad hoc policy changes have unintended consequences and every policy decision should be looked through the lens of whether it will help economic growth.
The BCA will play a key role in Prime Minister Kevin Rudd's plan to develop a national competitiveness agenda that brings together business, unions and government.
Trade Minister Richard Marles told Sky News the government did look at how to put Australia in the best position "not just for next week or next month but the next decades ahead".
ACTU president Ged Kearney said the BCA's action plan showed some vision for Australia.
"We hope they follow through with a mature and broad debate about the future of Australia's economy that moves beyond the business fetish with winding back workplace rights," she said in a statement.
Institute of Chartered Accountants Australia chief executive Lee White cautioned the treasurer against making excessive cuts in his mini-budget when he should be trying to boost productivity.
Australian Industry Group chief executive Innes Willox agreed increases in taxation or reductions in programs that put longer-term productivity gains at risk must be avoided.
Meanwhile, Opposition Leader Tony Abbott said small business would not be forgotten by a coalition government.
He promised to involve the sector in economic decision making by including a dedicated small business representative amongst Australian delegates on the Business 20 (B20) group.
The forum provides input into the Group of 20 of advanced and emerging countries.
Mr Abbott also reiterated a coalition government would cut down on red tape.
However, NSW procurement industry advisory group chairman Garry Browne said small and medium sized enterprises (SME) don't have the luxury of time to wait for government intervention.
"SMEs could be waiting until the cows come home before it results in real outcomes for business," he said in a statement.
He said SMEs had to drive their own recovery through toughening up commercial contracts to protect and improve cash flow, investing in innovation and developing a better understanding of doing business with government agencies and departments.
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