Companies should be forced to reveal if they have been found guilty of foreign bribery offences and the criminal code changed to better enable prosecutions.
These are two of the 22 recommendations to reform how Australia deals with foreign bribery handed down by a Labor-led review.
Committee chairman, Labor senator Chris Ketter, says the existing approach doesn't go far enough.
"Turnbull's piecemeal, patchwork approach will not stop foreign bribery," Senator Ketter said in a statement on Thursday.
"Implementing these recommendations will go a long way to addressing Australia's pathetic record when it comes to preventing and prosecuting foreign bribery."
The report found legal hurdles, poor corporate culture, a lack of expertise, delays, and communication breakdowns between agencies.
"The time has come for Australia to improve its anti-foreign bribery compliance and enforcement response to match its international comparators," its report said.
Senator Ketter said the committee found the coalition's approach to foreign bribery in Australia committed to only the bare minimum of reform.
But government senators on the committee said some criticisms in the report were an overreach and pointed out most of the recommendations reflected the government's position.
They also noted many of the "significant reforms" already underway were initiated by the coalition.
The report recommended abolishing the facilitation payment defence, concerned these payments "perpetuate a culture of bribery".
It calls for a review of how whistleblower protections fit with legislation and to force companies to disclose if they have been found guilty of bribery offences.
Partner at Ashurst law firm Mark Bradley said the few foreign bribery prosecutions in Australia were often subject to suppression orders.
The reporting of the first successful prosecution of an Australian company for foreign bribery "could be a watershed moment for anti-bribery and corruption in this country", he said.
He also said the potential reforms should lead Australian companies to put in place better policies and procedures.
An Organisation of Economic Co-operation and Development statement from December last year said Australia had buckled down on bribery in recent years but must continue to increase its enforcement.
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