Treasurer Josh Frydenberg says a proposed extension of industrial relations exemptions for businesses no longer receiving JobKeeper would only be temporary, as he implored Labor and other political parties to make job creation the priority as the economy recovers.

In pushing the case for reforms to boost business investment and growth to salvage the economy, Mr Frydenberg said the government would be inspired by the supply-side economics of 1980s conservative icons Margaret Thatcher and Ronald Reagan.