Competition Minister Bruce Billson hopes the Harper report will bring the same benefits as the last similar review 22 years ago.
Releasing the report and its 56 recommendations from the review panel led by Professor Ian Harper on Tuesday, Mr Billson said the result of the last review produced a 2.5 per cent increase in GDP.
It also encouraged higher living standards, more vibrant markets and great benefits for consumers.
"I'm optimistic that this report maps out a roadmap so we can aspire to those same kinds of goals," Mr Billson told reporters in Melbourne.
He said the government had "quite an appetite" for reform.
The government will respond to the recommendations in eight to 10 weeks and after the May 12 budget.
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