A landmark mental health agreement signed by federal, state and territory governments three years ago is failing, a scathing Productivity Commission inquiry has concluded.

The Productivity Commission said Australia's mental health and suicide prevention system was out of reach for many, and the national agreement needed a complete rewrite.

It also issued a call for an "immediate" fix for 500,000 Australians who have no access to specialist mental health care because it is only available inside the NDIS.

The damning final review was handed to the government on October 16, but was published overnight.

The commission found mental health services were falling short, leading to "well-known but still shocking" consequences: 3,000 deaths by suicide each year, one in five Australians experie

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