The Federal Government will set up a new forum to allow businesses, community groups and unions to discuss major economic policies.
Last week, Business Council of Australia boss Tony Shepherd called for a return to Hawke era accords, to unite opposing groups and get them to work together on major policies.
Prime Minister Julia Gillard has asked Mr Shepherd and Dave Oliver from the Australian Council of Trade Unions to help set up a National Economic Reform Panel.
In letters sent to the pair, she says the panel will take contributions from civil society groups and establish community consensus, while the Government implements the recommendations of the Asian Century White Paper.
"Australia's greatest asset is its people and our success depends on ensuring we have the right settings for human capital formation," Ms Gillard wrote in the letters.
"This is a shared policy priority of each of the Government, the ACTU and the BCA, and I want this to be the initial focus of the Reform Panel." The ACTU has welcomed Ms Gillard's plans.
Secretary Dave Oliver has told Radio National that cooperation can be achieved.
"The way to address this is to get employers, business, unions and government working together to look at how can we deal with the significant challenges confronting us - about trying to spread the benefits of the mining boom and diversify our economic base, and a look at exploiting the opportunities of putting our country to be a high skilled, high wage economy in the Asian century," he said.