"If we continue to have the debate that suggests that all debt is bad, and not a debate on the productive use of debt, we will simply not be able to fund the degree of infrastructure this economy needs to thrive into the future," Mr Clyne said.

"Most investors around the world are up to their eyeballs in northern hemisphere government paper. [But] we have a unique window, as a triple-A nation with strong demand for triple-A debt, to issue that debt and divert it to productive infrastructure."

Mr Clyne's comments come a day after the Business Council of Australia released a 10-year action plan for a stronger economy, calling on major political parties to focus on long-term rather than short-term policies.

It listed 10 things it would like the government to focus on, including the need for a national infrastructure plan to help ensure that the right infrastructure is delivered at the right time in an affordable manner.

"Dedicated annual funding and a clear policy on the use of debt for infrastructure will ensure that Australia's stock of infrastructure grows in line with our economic development and population growth," the report says.