At least 120 leaders have signed the open letter, including former Reserve Bank of Australia governors Philip Lowe and Glenn Stevens, billionaire James Packer, former Telstra chief executive David Thodey, as well as sporting figures, politicians, and university chancellors.
The prime minister has so far resisted a push from the families of Bondi Beach massacre victims, Jewish groups and legal minds for a national royal commission following the December 14 attack.
The Labor government has instead set up a review into the responses intelligence and law enforcement agencies, led by former ASIO boss Dennis Richardson.
The open letter, published on Friday by multiple media outlets, says practical solutions are needed to restore social cohesion and protect the safety of all Australians.
"This is a national crisis, which requires a national response. This goes beyond politics, it's about the future of our country," it said.
"As business leaders and proud Australians committed to upholding our values of tolerance and mutual respect, we recognise the need for clear answers as to how the Bondi massacre could occur."
The signatories want an end to "the unprecedented harassment, intimidation and violence" directed at the Australian Jewish community since October 7, when Hamas invaded southern Israel and killed more than a thousand people and took another 251 hostage.
The incursion sparked a massive response from Israel which began bombing Gaza in pursuit of Hamas, which Australia has designated a terrorist organisation, killing thousands of Palestinians.
Meanwhile, Australia's most senior Catholics have also joined the call for a broader inquiry into anti-Semitism in a separate letter published on Friday.
Archbishop of Perth Timothy Costelloe said while the Richardson review was an important step to prevent a repeat of the Bondi attack, the was a need to confront and eradicate the deeper roots of anti-Semitism in Australia.
"It is only by shining a light into the dark corners of our society ... that we can hope to unmask the anti-Semitism which might otherwise go unseen, unacknowledged and unaddressed," the Australian Catholic Bishops Conference president said.
"For that reason, alongside the Richardson Review, some form of wider, national inquiry with sufficient authority and resourcing which can probe into the deeper issues which lie at the heart of anti-Semitism is needed."
The NSW government will hold a state-based royal commission, which will have the cooperation of federal agencies, the federal government has said.
Mr Albanese remained unswayed on Thursday after Human Rights Commissioner Lorraine Finlay waded into the debate to suggest a national probe was "essential," saying she was entitled to her opinion.
The prime minister was pressed for names after declaring he had been advised by "actual experts" to hold a departmental review.
He cited Mr Richardson as one of the experts, along with the heads of all security authorities.
Mr Albanese also applauded Australians' response to the Bondi Beach shootings by two men, which killed 15 people and injured more than 40 others.
On New Year's Eve, about a million people gathered around the Sydney Harbour foreshore and lit up their mobile phones in remembrance of the dead.
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