The Business Council of Australia is holding on to the new Gillard government's promised tax summit.

According to the council's president Graham Bradley, the deal to secure the support of independents Rob Oakeshott and Tony Windsor will boost investment and productivity.

Bradley said, “As our economy approaches capacity limits, the onus is on all of us to push ahead with the policies needed to keep the economy flexible and responsive... A strong economy relies on investment, productivity and participation, all of which are heavily influenced by taxation settings.”

Pacific Brands, Mirvac and Gloucester Coal chairman James MacKenzie called on the new government to specifically fast-track the implement the mineral resources tax. Julia Gillard negotiated before the yesterday's formation of the new government for the mineral tax to replace the resource super-profits tax.

However, Fairfax Media chairman and Reserve Bank board member Roger Corbett insisted “What any country needs is certainty and decisive government. Clearly I would have preferred a decisive vote for either Labor or the Coalition... I am pessimistic. I wish Julia Gillard well. As a result of the deal she has done with the independents, she has a right to govern. But she faces a daunting task.”

Australian Institute of Company Directors chief executive John Colvin said Labor, the Greens, and the independents should “put the nation's best interests first -- not those of individual electorates or interest groups.”