Influential British news magazine The Economist has taken aim at Australian politics, describing it as a "non-stop Punch and Judy show" with political figures unable "to pull the skin off a rice pudding".

In its no-holds-barred, 16-page critique, the centrist magazine brands Australia a "no worries" nation with particularly low political discourse.

Author Johnny Grimond says most of the political debate centres on the short term.

"[It focuses on] who won the day, who won the week, what the latest polls say, what's the latest on talkback radio, who's looking good, who's down, who's up?" Mr Grimond said.

"I think it would be good if some politicians actually raised some of the issues about how Australia is going to cope with the high dollar, for instance."

The report looks at the factors behind Australia's amazing prosperity over recent decades and what is needed for the boom to continue.

It says the Coalition under Tony Abbott "seems to have no philosophical principles at all".

"Mr Abbott is socially conservative but above all populist, saying no to almost everything proposed by his opponents and vowing to repeal almost everything they want to do," The Economist report says.

"Some see a non-stop Punch and Judy show promoted by talkback radio, where the chat is both blunt and sharp, even by Australian standards."

ABC1's News Breakfast found two retired Australian political figures - one-time Democrats leader Natasha Stott Despoja and former foreign minister Alexander Downer - in furious agreement with the article.

"At least Punch and Judy had a narrative," Ms Stott Despoja said. "There were lessons for children in it. It's a morality tale.

"That's more than you can say about Australian politics right now.

"Certainly, in terms of a lack of vision, a lack of long-term visionary approaches to seemingly intractable social, political, economic, environmental problems - yes, The Economist has probably got it right."

And Mr Downer, a renowned political head-kicker of his day, says politics has become "trivial and puerile".

"It does seem to me there is a complacency in the Australian political system about the state of, in particular, the economy. There's no sense of urgency, no enthusiasm for productivity reform and so on," he told News Breakfast.

"Looking at Parliament now on television, it really looks so trivial and much of it, although I could be amongst the worst of them myself I have to say, looking at it from the outside, it looks a bit puerile on occasions."

'Hired to do'

Mr Downer defended Mr Abbott from The Economist's criticisms, saying he is just doing his job when he attacks the Government.

"That is what he is hired to do," Mr Downer said.

And he believes Prime Minister Julia Gillard should spend more time leading and less time on party politics, describing it as a "huge tactical mistake".

"She is our Prime Minister. She is not just the Labor Party leader, she is our Prime Minister. She spends far too much time both in and out of Parliament making party political points and attacking Tony Abbott."

Ms Stott Despoja agreed with the magazine that both sides of politics have a problem with short-term policy making.

"The fact is that long-term interests are subjugated for political impact and electoral success," she said.

"Particularly the issue of asylum seekers and refugees, as one of those wedge issues that still breaks my heart, all political parties exploit it as an issue, not to be resolved but as one with which they can score points and get votes."

Mr Grimond points to complacency as one of Australia's biggest political problems.

"Things are good, and the beach beckons. Certainly, the politicians seem unworried. Though they talk of reform, they spend most of their time scrapping about issues like climate change.

"A slight whiff of complacency pervades the groves of the capital, Canberra. That in itself should be a warning."