Fair Work is generally working and living up to expectations save for some rooms for improvements, according to an assessment report issued on Thursday by the government review panel.

"In our view, the current laws are working well and the system of enterprise bargaining underpinned by the national employment standards and modern awards is delivering fairness to employers and employees," the Fair Work review report was quoted by the Australian Associated Press (AAP) as saying.

The review panel was composed of Reserve Bank board member John Edwards, former Federal Court judge Michael Moore and workplace relations expert Ron McCallum, AAP reported.

In releasing the review today in Melbourne, Workplace Relations Minister Bill Shorten said: "I'm heartened that the core conclusion of the panel is that our Fair Work laws are working well and as intended."

He highlighted the review panel's glowing conclusion that since FWA's enactment and the repeal of Work Choices, the country saw considerable growths in employment and workers' wages growths.

The report also cited favourable trends in workplace environment and amicable settlements of industrial disputes, the minister said.

Mr Shorten, however, acknowledged that the laws that Labor had introduced to replace the Howard-era Work Choices had a number of shortfalls, chief of which is in the productivity area.

The review panel said FWA has been delivering on its major intentions but "the exception has been productivity growth, which has been disappointing in the Fair Work Act framework and in the two preceding frameworks over the last decade."

To fill in the shortcomings, the panel put together a 53-point recommendation that would largely deal with productivity and flexibility voids.

Among the key reforms agreed by the panel were: "The use of 'model productivity clauses' in agreements, easier access to individual flexibility arrangements, an overhaul of greenfields agreement bargaining rules and 21-day time limits for unfair dismissal applications," AAP said.

The panel also called attention on improving provisions on workers' paid vacation, easier access to arbitration and further role for the FWA to settle or terminate industrial actions, which were all geared for higher productivity and better workplace flexibility in Australia.

Mr Shorten noted that overall, the changes that were deemed necessary by the review panel were not sweeping at all, which can be introduced, he added, to the upcoming session of the Parliament.

And most of all, no submissions, which numbered to around 250 during the entire span of the review, pointed to the return of Work Choices.

But the review was dismissed in advance by Opposition Leader Tony Abbott as he accused Prime Minister Julia Gillard of lacking in sincerity since she did not submit the laws before the Productivity Commission for an appropriate evaluation of their efficacy.

"If the government was fair dinkum about boosting productivity this review would have been conducted by the Productivity Commission," Mr Abbott told reporters in Brisbane hours before the release of the FWA report.

He maintained that in spite of the FWA, "serious workplace relations issues," remain in place especially in the areas of flexibility, militancy and productivity.

Mr Abbott vowed that a government led by the Coalition will improve on the FWA failures though "careful, cautious and prudent," tweaks while maintaining its overall form.

The positive review, however, should prod Mr Abbott to be more forthcoming on how exactly he would deal labour concerns, Mr Shorten said, especially on matters of unfair dismissal laws, penalty rates, rosters and family-friendly conditions, which were pressing concerns of Australian workers.

"Generalities around words like 'cautious' and 'careful' cannot mask forever the lack of detail," the minister stressed.

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