Powerhouses of the business world are discrediting the Business Council's one-eyed approached to tax reform, saying it is doing nothing to engender trust in the community.

"We believe that argument is too simplistic," Elizabeth Proust, chairwoman of the Australian Institute of Company Directors told The Business.

"What we need is what the Ken Henry report eight years ago attempted to deliver: wholesale tax reform.

"That means looking at GST, income tax reform, payroll tax — the range of taxes that impact on companies and individuals and coming to a better landing than we have today."

Ms Proust, who is also chair of the Bank of Melbourne and Nestle, was speaking from The Australian Governance Summit — which will also see former treasury secretary Mr Henry wade into the fraught subject of corporate tax cuts, with the text of his speech released today.

"Cutting the company tax rate is only a small part of a required restructuring of our tax system, and that in turn is only a small part of the policy reform program that will be required if we are to ensure that all Australians have the opportunity to choose a life of real value," Mr Henry wrote.

The Business Council has singularly campaigned for corporate tax cuts, which Mr Henry regards as the "opposite of the sort of discussions we should be having".

Mr Henry also noted: "Surely nobody needs to spell out why a businessperson, motivated by nothing more than profit, is going to have a hard time convincing anybody of the merits of a proposition to cut the rate of tax applying to profit."

Ms Proust said she had spoken to Business Council chief Jennifer Westacott about the issue late last year, "but we agreed to disagree".

Less trust in the business community

Would it be easier for corporates to argue for corporate tax cuts if they first argued for income tax cuts?

"I think that would help," Ms Proust said.

While the tax debate rages, trust in business in Australia is plumbing new lows.

A global survey by Edelman found Australians' trust in business dropped from 48 per cent to 45 per cent over the past year. It's far lower for government.

A separate survey from the AICD found fewer than half of company directors believed their boards were being pro-active in building trust.

"We in business should not expect to be taken seriously in tax reform debates until we demonstrate a serious commitment to a purpose that improves the wellbeing of Australians," Mr Henry said.

At its annual dinner in November last year, leaders of the Business Council bemoaned the, "continued attacks on business, and business reputation and the loss of trust in business".

The campaign for tax cuts has come at a bad time for many in the community.

"We know that there are very low wage increases out there," Ms Proust said.

"People are hurting from energy crises, from housing pricing increases at the same time that their wages are not raising and I think what the business community needs to is to have a conversation about a whole range of issues, including tax reform and not just one aspect of that reform."