Business groups say a new report should trigger a rethink on penalty rates and unfair dismissal laws.
However unions say the existing Fair Work system is largely working well.
The Productivity Commission is set to release its draft report on workplace relations on Tuesday, ahead of a final report in November.
Treasurer Joe Hockey and Employment Minister Eric Abetz commissioned the review of the Fair Work Act in December.
The inquiry examined how workplace laws impact on job creation, fair conditions for workers, productivity, investment and the needs of small business.
The commission received 255 submissions.
Kate Carnell, CEO of the Australian Chamber of Commerce and Industry, told AAP the nation needed an updated workplace relations system.
"We hope the draft report from the Productivity Commission will help us to see what that looks like," she said.
Over the past decade Australians had begun demanding round-the-clock banking, dining and shopping on weekends and flexibility in their jobs.
"We look forward to some meaningful recommendations on issues including the awards system, unfair dismissal, penalty rates and ways to make it easier for small businesses to employ staff," Ms Carnell said.
"We hope that all sides of the debate engage seriously with the Productivity Commission's ideas, for the sake of the 750,000 people, including 280,000 young people, who are unemployed."
Small Business Minister Bruce Billson has previously said looking at business complaints about penalty rates was one of the reasons why the inquiry was called.
ACTU secretary Dave Oliver said the inquiry was an attempt by the Abbott government to cut penalty rates, the minimum wage and rights at work.
"The coalition learned its lesson after being kicked out of government for attacking the rights at work of millions of Australians with its deeply unpopular Work Choices laws so now it's going after workplace rights by stealth," he told AAP.
"The government needs to remember that slashing the pay and workplace rights of hardworking Australians is deeply unpopular and the union movement will fight to make sure it doesn't happen."
Unions have argued for the extension of minimum standards to casual workers, better arbitration to resolve enterprise bargaining deadlocks, a portable long-service leave scheme, maintenance of penalty rates and greater protections from unfair dismissal.
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