The federal budget could be back in the black in three years if the Turnbull government adopts the proposals of a high level and independent Budget Balance Commission.

The proposals, which bear striking resemblance to several Labor Party policies, include abolishing super tax concessions, halving the capital gains discount and increasing so-called "sin taxes" on alcohol, tobacco and luxury cars.

A businessman and former staffer to John Howard, Paul McClintock, chaired the budget commission for the Committee for Economic Development of Australia (CEDA) and launched the report "Deficit to balance: budget repair options" at the National Press Club on Tuesday.

"No economic problem in Australia is graver than the persistence of large budget deficits," Mr McClintock writes in the report.