Slashing investment-destroying red tape, attracting the best and brightest foreign workers, and reforming the tax and industrial relations systems are they key to avoiding a multi-decade growth slump, leading chief executives say.

The latest Intergenerational Report, to be released by Treasurer Jim Chalmers on Thursday, will forecast annual average GDP growth of 2.2 per cent over the next 40 years, which would be the slowest sustained pace of economic expansion since World War II.