In order to sustain its economic success, Australia needs to train its business eyes beyond its borders and reaffirm economic reform commitments or face an uncertain future.

Australia & New Zealand Banking Group head Mike Smith said on Tuesday that the country's powerbrokers must re-commit on innovative reforms to ascertain the economic future of the nation.

Mr Smith told his business audience gathered at the Trans-Tasman Business Circle lunch in Melbourne, that with a minority government in feeble grip of the political power in Australia, the country would be making a big mistake by focusing too much on domestic concerns.

He noted that while the incredible mining boom had further boosted the achieved heights of the Australian economy, it was more of the economic reforms confidently pushed by a solid leadership which were responsible for the country's present affluence.

Mr Smith pointed to the fact that the billons of dollars poured by the federal government on stimulus projects not only tided over the country during the height of the global financial crisis but also sparked considerable growths for the last two years.

That, of course, was also largely driven by the economic growth from Asia, yet the ANZ boss insisted that "without a renewed commitment to bold economic reform and productivity improvements, Australia's current growth rates will simply not be sustained."

Mr Smith also called into attention the growing debate on global currency wars that highlighted the need for developed and emerging economies to implement recalibration on their economic policies.

He added that there also exists the danger of many governments resorting into "impulsive, uncoordinated and ultimately counter-productive responses," in light of the creeping anti-free trade sentiments across the globe.

This is unfortunate, according to Mr Smith, as he emphasised that economic growth and prosperity were largely fuelled by globalisation and free trade for the past 60 years and in Australia's case, its bold decision of slashing taxes on imported clothing and footwear sectors eventually gave rise to global brands such as Rip Curl, Billabong and Quicksilver.