Prime Minister Malcolm Turnbull’s mini economic summit concluded on a reassuring note, which was quite apparent in the positive mood of the business, union and community leaders who attended it. The mini summit was more an arrangement by the new cabinet to discuss different options to boost the economy with the government’s key stakeholders.

The meeting held in Canberra on Thursday was also attended by Treasurer Scott Morrison and Assistant Treasurer Kelly O’Dwyer. Even though no firm decision has been reached at the meeting, the participating economic bodies made clear that they seek more emphasis on “actual doable” policies rather than more discussions.

The meet has been rather a follow up to the first economic gathering held in August under the prime ministership of Tony Abbott. But at the same time, nothing has been taken off the table as well, according to reports.

Business Council of Australia chief Jennifer Westacott said it was an outstanding meeting based on a very mature conversation intended to keep the community updated on the much needed reforms.

"It isn't about taking stuff off the table and narrowing the options," she told reporters after the meeting.

Australian Industry Group chief Innes Willox said the business community would be continuously connected with the government over this and that is very encouraging for the entire community.

ACTU secretary Dave Oliver said that even though there were differences of opinion on a number of issues, commonality also prevailed on major issues. "We all have one thing in common and that is it is all about growth," he said.

Tax reform as agenda topped the list of discussions and encompassed emerging national consensus for a lower company tax rate and addressing bracket creep among others. Other issues such as increasing GST and reform in the labour drew disagreements from a number of fronts.

Unions are of the opinion that economic reforms would not be achieved only by reducing costs and cutting wages.

"We want to engage on the high road of reform -- not the low road of reducing wages, stripping conditions or cost shifting onto working families," Oliver said, according to the Sydney Morning Herald. "Cutting your way to growth doesn't work -- the European experience of austerity measures has shown that this is a lazy and destructive answer which is not a path to long term, sustainable economic growth."

Prime Minister Turnbull, however, chose to dodge the details of the discussion, which, according to many, is the hardest part of the reforms.

"We think it's been a very useful exercise and we look forward to a frank discussion with the principal players tomorrow," he said.

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