A new analysis suggests Australia would be $7.5 billion better off a year if the former construction watchdog and its powers were fully restored.
The Labor government abolished the Australian Building and Construction Commission (ABCC) in 2012, replacing it with an industry inspectorate within Fair Work Australia.
The research commissioned by Master Builders Australia found that from 2005 to 2012 under the eye of the ABCC productivity grew by 9.4 per cent through improved workplace relations practices on the nation's construction sites.
"Every industry is dependent on the building and construction sector," Master Builders chief executive Wilhem Harnisch said in a statement.
"Increased productivity in the industry will generate productivity gains across the economy, reducing costs that flow on to households through lower prices."
He said the restoration of the ABCC was essential to generating vital growth in productivity and employment as the economy transitions from a fading resources investment boom.
"Failure by the next Australian government to fully restore the ABCC puts at risk $7.5 billion per annum in productivity gains and the enhanced wellbeing of the Australian community," he said.
The coalition has promised to restore the ABCC under its planned workplace relations policies should it win the election on September 7.
