Former News Corporation Australian boss John Hartigan has called for Prime Minister Tony Abbott to step aside in the nation's best interest.
Mr Hartigan, who is now chairman of Prime Media, said he admired Mr Abbott.
But asked if the Prime Minister could turn around his political fortunes Mr Hartigan said: "No. I think his opportunity is gone. Even his strongest supporters are now detractors.
"Something has got to give and he's obviously not going to take the tension on the line.
"Someone else has to step in and do so because every day is a missed opportunity of taking this country in a direction and realising the potential of its people."
Mr Hartigan said he remained a supporter of Mr Abbott.
"When I say I'm a supporter, I'm an admirer of him. But as I say, he has appeared as if he doesn't want to face up to the realities of his political life. He is letting them slip through his fingers day by day."
Mr Hartigan also complained that political uncertainty was hurting the economy.
"It's very significant. I have not seen Australia, in so many economic areas - and I'm not speaking about our industry, I'm speaking across the board - at such a crossroads," he said.
"I understand in the Senate you have a couple of crazies that need to be taken along for the ride.
"But the reality is that you've got mostly an impotent government, and I'm a supporter of Tony Abbott, but ever since he lost 39 of his colleagues [in a spill motion vote] he still doesn't get the message and his response has been limp, if not impotent."
Mr Hartigan told Fairfax Media that Mr Abbott had "done a few things around the edges but he hasn't tried to tackle the fundamental issues of leadership".
"In my view Australia in its contemporary history, has never more needed conviction politicians. We need people recognise the opportunities and equally the challenges and there are many, and put their political life on the line to take this country in a direction. There are so many changes in contemporary society and they're not reflected by political leaders by and large (on both sides of politics)," he said.
Stability and spending
Mr Hartigan was not the only business leader to comment on the turmoil surrounding the government on Friday.
Announcing a disappointing half-yearly profit result for supermarket giant Woolworths, CEO Grant O'Brien said political instability was hurting consumer spending.
Mr O'Brien said the ingredients that normally drive the consumer economy- low interest rates, relatively weak unemployment, declining food and fuel prices - were in place.
But he "stability is a really important thing for all of those elements to turn into consumer spending. And stability across a number of factors, not the least is political stability.
"We've seen in our sales results over the last couple of years, the more stable the political environment, the more stable the consumer environment."
Questioned on how quickly the issue of Mr Abbott's leadership needed to be resolved, Mr O'Brien said: "I'd do no more than to add my name to a list of people that are looking for a more stable political environment to help with consumer confidence [and] confidence generally.
But Mr O'Brien declined to be more specific.
"In relation to timings or issues around the current Prime Minister, I'm a grocer, I'm not a political participant.
"But I do strongly believe that the sort of stability that others have outlined, I not only endorse, I'd promote."
