The government is reportedly considering a new partnership deal with unions and business groups.

The Finance Minister Michael Noonan has discussed the plan with ministers and senior officials.

The Sunday Business Post reports that the government wants to reach agreement on an incomes policy, dealing with wages, tax, welfare and pensions.

However the initiative is not believed to be similar to the old social partnership arrangements.

Rather it would only involve business representatives, employers and trade unions.

The paper says that details could be set out as part of the spring statement on the economy, or possibly sooner.