The gas transmission body’s chief executive Cheryl Cartwright said the petroleum industry was trying to balance climate change and the challenges of economic regulations.

“The long-term health of the nation can only benefit from new ideas and open discussion about the future,” Cartwright said.

“It is a welcome step to see the Rudd Government expand on the Hawke Government’s idea of an economic summit.”

University of Melbourne vice chancellor Professor Glyn Davis, who will co-chair the Australia 2020 summit with the Prime Minister, has indicated he is unlikely to invite people from groups with specific interests; preferring to bring people to the table with a broad vision.

“Prof Davis’ point is also excellent,” Cartwright said.

“This summit is an opportunity to look to Australia’s longer-term future rather than the usual short- and medium-term focus that can be the tendency of government.

“APIA encourages Mr Rudd and Prof Davis to ensure the summit draws on the best brains in the nation, so that the outcome will lead to appropriate intellectual and lateral policies for the future.”