ACTU secretary Sally McManus and Business Council of Australia chief Jennifer Westacott are backing the effort but it is up to each organisation to name the individuals who will sit on each group.
The structure gives employers and unions equal voting power within each forum,with five organisations appointed from each side to every group.
Mr Porter will chair each of the groups for at least the first round of talks and has named West Australian businessman Tim Marney as deputy chair.
Mr Marney joined the Western Australian Department of Treasury in 1993 and was the Under Treasurer of the state (a public service position) from 2005 to 2014,a period that overlapped with Mr Porter’s time as treasurer of WA.
"It is hoped that each group will be able to reach a consensus by September on the best way forward that can then be put in place by government,either through legislation or regulation,"Mr Porter said in a statement.
The five groups will consider changes to award simplification,enterprise agreements,enforcement rules,greenfield agreements and the rules on casual workers.
The organisations named include the Australian Chamber of Commerce and Industry,the Australian Industry Group,the Minerals Council of Australia,the National Farmers Federation and the Council of Small Business Organisations of Australia.