Perth is being held back by a "crisis of complacency" in which political and business leaders have failed to set out a long-term economic strategy for the city, according to a landmark report by the Committee for Perth.

In a damning 125-page report, which was the culmination of a massive two-year research project, the Committee for Perth took to task policy makers for their "politics as usual" approach to the city.

Perth has been lagging behind other cities around the world when it comes to economy and investment, infrastructure, innovation, technology, engagement and branding, Committee for Perth chairman John Langoulant said.

The Committee for Perth is calling for action Perth and Peel economic development. Credit:Erin Jonasson

He said Perth needed to do more than just sit back and wait for the next boom to save us.