Business wants incremental budget changes AS Treasurer Joe Hockey puts the finishing touches to the make-up of his commission of audit, a leading lobby group says business wants incremental rather than wholesale changes to the federal budget. Mr Hockey is expected to release the terms of reference for the national audit this week after being signed off by cabinet, along with draft laws to scrap the mining tax. The audit will examine government spending "line by line" to ensure taxpayers receive value for money, while identifying inefficiencies in the way government delivers services. Former Treasurer Chris Bowen said Labor knew from "bitter experience" that a commission of audit would not be pleasant. "What's a commission of audit if is not going to recommend cuts?," he said on Sky News. Labor urged the coalition during the election to tell the Australian people what was to be axed if they were going to make cuts, he said. "Don't rely on the fig leaf of a commission of audit which will then make recommendations for cuts after an election," he said. Let's see whether they seek a mandate or they try and cut things earlier. At an opposition cabinet meeting on Monday, shadow ministers agreed to conduct a stocktake of all government policies and hold it to account over the next three years, while making sure the coalition does not quietly axe funding for important programs. Australian Chamber of Commerce and Industry (ACCI) chief economist Greg Evans said people want a return to surplus, some greater definition around tax policy, and the peeling back of "dangerous regulation" that is affecting business. "I think what business wants is not large scale, massive changes and they don't expect it is going to happening immediately but an incremental approach to improving our budget circumstances," Mr Evans told reporters in Canberra on Monday. But he said ditching the carbon tax is a major priority as it will lead to lower energy prices and restore Australia's competitiveness. Deloitte Access Economics economist Chris Richardson said Mr Hockey faces a "Herculean task" getting a sustainable budget surplus. He said Australia's sub-trend economic growth is not doing the budget any favours. At the same time, politicians from both sides signed up to extra spending on disability and schools, while the coalition has its more expensive paid parental scheme. "We have over-promised on a budget that is under-delivering," Mr Richardson told Sky News. Still, ACCI's latest survey of investor confidence found business owners at their most confident since December 2010, although so far a pick-up in actual trading conditions has been modest. "We are continuing to see this improvement in expectations flying from a new government and a new administration with different economic agenda," Mr Evans said. The survey's expectation index rose to 59.2 points in the September quarter from 55.7 points in the previous three months, but the actual conditions index crept up to 50.8 points from 49.9 points previously. While Mr Evans believes the full benefit from lower interest rates has yet to be felt, the chances of another rate cut have "probably evaporated."