Business is pushing the Morrison government to reverse Australia's productivity slump, despite a slight rise in economic growth that has eased pressure for further fiscal stimulus in this month's mid-year budget update.

A relieved Treasurer Josh Frydenberg said a soft 0.4 per cent rise in GDP, lifting annual growth from a revised 1.6 per cent to 1.7 per cent, meant the economy was back on track and the budget bottom line was back in the black.