This year’s intergenerational report is being released on Thursday and will reveal economic growth will be sluggish over the next four decades compared to previous ones.

But the critical mineral sector is expected to expand as the world moves to net zero emissions by the middle of the century.

Global demand is predicted to increase 350 per cent by 2040, positioning Australia to take advantage of the booming industry with its vast reserves of lithium, nickel, zinc and bauxite.

Australia’s exports of critical mineral are forecast to double over the next five years but the treasurer is facing calls to be more ambitious with tax reform.

Dr Chalmers said the government was making meaningful changes to the tax base despite labelling the changes as “modest” as it pushed to boost revenue from offshore gas and claw back money from large superannuation balances.

“They are helping us to get the budget in a much better nick,” he told the ABC’s 7.30 program.

“They will save us in interest repayments over the course of the intergenerational report period, they will … rebuild our buffers against this global economic uncertainty.”

Superannuation is also set to shield the budget from an ageing population with the $3.5 trillion asset pool meaning fewer Australians will be on the pension.

But the government is also bracing for increased spending across health, defence and interest repayments.

“You need to look right across the tax system and your tax base needs to be robust enough to fund the kinds of services that people rely on, particularly as our population lives longer and healthier lives,” Dr Chalmers said.

But he ruled out changes to the headline corporate tax rate despite the make-up of Australia’s tax revenue into the future changing as money from cigarettes and fuel excises dry up.

Following his comments, Prime Minister Anthony Albanese told busines chiefs in Sydney the government needed their help to reach critical future targets for climate change, skills and jobs, technology, manufacturing and gender equality.

“I can assure you, my colleagues and I don’t seek your input for the sake of appearances,” he told the Business Council of Australia annual dinner.

“We do it because we want you involved in the design and detail because that’s how we will get the best out of … programs and policies.

“And that’s how we make change that lasts, that endures, that becomes embedded as a driver of success in our economy.”

On tax, the Australian Council of Social Service wants the government to strengthen the current system to pay for essential services and welfare.

The council wants a 15 per cent levy on post-retirement super earnings to fund aged care and a 10 per cent royalty on offshore gas resources on top of getting rid of off-road fuel tax credits to help fund the transition to renewable energy.

It has also called for an expansion of the high-income Medicare levy and getting rid of the stage three tax cuts which are set to cost the budget hundreds of billions of dollars.

Greens leader Adam Bandt also called for a progressive tax agenda, saying it could put up to $1 trillion in the government’s coffers over the next decade to tackle intergenerational inequality.

The money would come from a corporate and mining super profits tax, ending fossil fuel subsidies, changes to the offshore gas tax, winding back negative gearing and scrapping the stage three tax cuts.