Australian PM to host summit intent on achieving economic reform

Australian Prime Minister Malcolm Turnbull on Tuesday called on the nation's brightest economic and political leaders to attend a summit aimed at driving radical economic reform.

Turnbull said the summit, to be held on Thursday, would serve to discuss the "big ideas" at "a rare opportunity to achieve consensus on the most pressing economic and social issues."

Leaders from business, the unions, the field of economics, and community organizations were invited to Canberra by the prime minister, who finalized invitations late on Monday.

Turnbull told Fairfax Media on Tuesday that encouraging innovation in a time of economic uncertainty was a key to Australia's future prosperity.

"Australia is a prosperous country with high wages, a high standard of living and a generous social welfare safety net. To secure and enhance our prosperity we must be more productive, competitive and innovative," Turnbull said.

The prime minister said the long-overdue economic reforms would reignite the relationship between business and the government, which would have positive flow-on effects on the nation's economy.

Turnbull said the summit would discuss key issues such as tax reform, education and development in a number of industries.

"I want to build on the key priorities of the summit and work towards a practical set of reforms that will help to create jobs, drive innovation and stimulate growth, he said. Endi