The Australian Prudential Regulation Authority should delay the adoption of new standards on bank liquidity, the Business Council of Australia proposes in a report on economic policy priorities.The BCA said APRA should "proceed cautiously and with some flexibility in how it implements the Basel III liquidity reforms in Australia", and ensure "high levels of consultation and collaboration between stakeholders when considering further regulatory changes."The BCA also backs "appropriate macroeconomic and macro-prudential policies", suggesting support for a re-think of the conduct of monetary policy in Australia.And the business lobby would like more government borrowing to invest in infrastructure, provided it was "ring-fenced" by allocating it to a dedicated fund.The BCA also favours a rise in the cost of government borrowing, through the issue of 30-year and 50-year bonds, on the grounds that a risk-free pricing benchmark would help cut the cost of long-term private sector debt.The lobby made it clear it thinks governments "should sell infrastructure assets where the private sector already owns other like assets and provides other like services", and that "private ownership should be preferred where an appropriate and transparent price can be established for the infrastructure service."More generally, the BCA cautions that "the federal government should place the highest priority on maintaining Australia's AAA sovereign credit rating - recognising the broader benefits of this, including through flow-on effects to the credit rating of Australian banks."