Westpac chief executive Brian Hartzer believes Prime Minister Malcolm Turnbull's vision of a tech-rich nation can revive Australia's sluggish post-resource boom economy.
Mr Hartzer said Australia needed to embrace a move away from resources and toward a service-led economy, with technology and innovation essential to the shift.
The tech-savvy Mr Turnbull, who made millions from internet startup OzEmail in the 1990s, has regularly spoken on their importance, which Mr Hartzer said is cause for optimism.
"We're heartened that the new prime minister feels the same way," Mr Hartzer said at a business lunch on Wednesday.
"He talked about a nation that is agile, innovative and creative: a nation that sees technology-driven disruption as a friend of growth. We agree."
Industry groups have been quick to urge Mr Turnbull, a former communications minister and champion of the NBN, to drive through tax, federation and workplace relations reforms.
Mr Hartzer concurred, telling the Trans-Tasman Business Circle there was much work ahead.
"We need to focus on issues like increasing workforce participation, improving infrastructure and building the knowledge base of our workers," he said.
"Business needs to support this next chapter in our economy, by working with the government to break down barriers to growth, to reduce friction and to build an agile Australia."
A raft of data last week showed business and consumer confidence dipped again despite business conditions improving to their strongest levels in 10 months, while June quarter economic growth of 0.2 per cent took the annual rate of growth to just 2.0 per cent.
Despite the gloom, Mr Hartzer said he doesn't anticipate a recession.
"We don't see it that way. Corporate balance sheets are in good shape. Interest rates are low and the lower dollar is already having a positive effect on a number of industries like tourism, education and retail," he said.
Mr Hartzer praised the Abbott government's negotiation of the free trade agreement with China, and, with Australia now under a fourth prime minister in 28 months, said the biggest gift Mr Turnbull can give to business is certainty.
"The way to get the private sector to invest and hire people is through confidence, and confidence comes from seeing real opportunities to grow as well as certainty: certainty about the financial system, certainty about the industrial relations system, certainty about the regulatory environment," he said.
"Let's have some stability."
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