The Norfolk Island Regional Council wants the Australian Productivity Commission to conduct a public inquiry into the state of the island's economy.
This follows months of concern about the economic impact of reforms made since Canberra took direct control of the island in July last year.
The Council will ask the Commission to determine the island's financial capacity and help it set a course for future economic, social, cultural and environmental development.
The mayor, Robin Adams, said available studies are outdated and don't take into account the Australian modern award system or impact of regulatory changes extended to Norfolk Island.
Supermarket operator, Ian Kiernan, said an inquiry into Norfolk's economy is critical in determining the impact of the reforms on the island, the future of its economic activity and well being of its community.