Prime Minister Tony Abbott has confirmed that former Australia Stock Exchange chairman Maurice Newman will chair his Business Advisory Council.
The council will meet three times a year with senior members of the government, and will include representatives from manufacturing, agricultural, resources, services and information sectors.
Mr Abbott said the government and business have a shared interest in Australia's economic success and strength, which will result in more jobs and more revenue to fund the provision of services and investment infrastructure.
"I want to restore a working relationship between government and Australian business," Mr Abbott said in a statement on Thursday.
He said a strong relationship with business characterised the Hawke, Keating and Howard governments.
"The previous government's class war on business and sectors of our economy did little to engender confidence and economic opportunity."
Mr Newman has also previously been the chairman of Deutsche Bank Asia Pacific and the Australian Broadcasting Corporation, as well as a former chancellor of Macquarie University.