After weeks of anticipation, the federal government's three-day economic roundtable will kick off on Tuesday in Canberra.
Treasurer Jim Chalmers has already been bombarded with proposals ranging from winding back property investor tax breaks to environmental law reform and cutting red tape.
But he has insisted all invited parties bring specific ideas and be willing to find common ground as the outcomes of the roundtable will help steer Australia's economic agenda.
"Three days to inform three budgets - and beyond," Dr Chalmers will say in his opening remarks.
"(The prime minister) has been clear that this is about writing the next chapter of economic reform and I want to acknowledge the leadership he's shown.
"We are realistic about the impact of all this, but optimistic too. In this world of churn and change, we like Australia's chances."
Even though the Australian economy has made significant progress on wages, inflation and employment, Dr Chalmers has acknowledged there is still more to do.
The roundtable is aimed at lifting living standards primarily by boosting productivity, which has stagnated in Australia and other western countries.
"Productivity is like a secret sauce," AMP chief economist Shane Oliver told AAP.
"If you can get strong productivity, you can have strong profits, you can have strong wages growth and still keep inflation low."
Improved productivity can help guard against future cost-of-living crises, which is particularly important during times of global uncertainty.
The first day of the roundtable is expected to put a spotlight on ways to build resilience, with Reserve Bank governor Michele Bullock set to headline Tuesday's proceedings through her presentation on productivity trends.
Productivity reform will feature more prominently on the second day before budget sustainability and tax reform help close out the roundtable on Thursday.
Environment groups, the business sector, unions and others have all proposed major ideas, but Dr Oliver is keeping his expectations in check and says a firm commitment to regulation, investment incentives and competition reform could likely be called a success.
Former Productivity Commission chair Michael Brennan has urged Australians to be realistic about reforms but said he was optimistic.
"The strictures that the government has put around contributions - that they be specific, budget neutral and focused on the national interest rather than the vested interest - have all improved the quality of the debate," the e61 Institute chief executive told AAP.
"I'm hopeful that there will be positive outcomes but it's already had a positive impact."
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