ACM can confirm invites to the chief executives of ANZ, Commonwealth Bank, NAB and Westpac were not extended by the federal government to the September summit, which it claims will set the agenda for reforming the country's economy and labour market.

Australian Banking Association chief executive Anna Bligh is expected to attend the summit, however Liberal spokesman for Treasury Angus Taylor believes not inviting key stakeholders like the banks highlights a real threat of the summit delivering nothing.

"The exclusion of key stakeholders from the jobs summit to favour the unions just confirms the jobs summit will be nothing but a forum for Labor to strong-arm business into accepting bad policies to avoid worse ones," Mr Taylor said.

"The government needs to focus less on grandstanding talkfests and deliver a plan to address rising cost-of-living pressures on families and businesses.

"It's becoming clearer by the day Labor's summit will not produce the outcomes Australians are looking for to reduce cost-of-living pressures and drive productivity."

A number of high profile executives have already confirmed their attendance, including BHP's Mike Henry, Qantas boss Alan Joyce and Christine Holgate from Toll.

Australian National University demographer Liz Allen told ACM on Monday that summits are "historically massive talkfests" and don't "generally achieve much other than a very large document".

Mr Taylor also claimed the summit had too higher union representation compared to industry and employers.

"Unions represent less than 15 per cent of the workforce but have 30 per cent of the seats around the table," he said.

READ MORE:

The Liberal party declined to attend the summit, however its junior Coalition partner the Nationals have taken up a seat next month.

Australia's major four banks make up more than 80 per cent of the country's banking sector. Financial services is the third largest sector in terms of output according to the Reserve Bank.

Roughly 140,000 people are employed by the big four banks across the country.

Prime Minister Anthony Albanese on Monday doubled down the summit would produce "practical outcomes".

"It will provide a focus on jobs and skills about how we lift wages, lift profits, boosting productivity while putting downward pressure on inflation," Mr Albanese said.

"I know that there are many more people to the tune of many multiples, [who] want to attend the summit that we can fit on to the invite list. And that to me, is a positive thing already that it is producing."

Labor has capped the summit at 100 places and is set to outline a discussion on an array of issues such migration and existing skills and labour shortages.

The Australian Banking Association flagged Ms Bligh would be attending to discuss the role banking would play in a transitioning and decarbonising economy.

"As Australia makes a rapid shift to a digital, decarbonised economy, it will be critical for the nation to have the skills and funding necessary to make the most of the opportunities this will bring," an ABA spokesperson said.

"Not only are banks themselves experiencing this seismic shift, they are working with the businesses they fund to support them in the transition."

Deputy Liberal leader Sussan Ley is also poised to attack the government over the summit in an address to the Australian Chamber of Commerce and Industry on Tuesday, claiming Labor are just there for the "photo-op".

"They're going there for a photo-op, seeking consensus for a predetermined agenda they're going to implement anyway," an excerpt of her speech reads.

"There's no room for fresh ideas, or genuine engagement. They want sign-off for things that ERC has already said yes to."

It is understood CBA chief executive Matt Comyn would possibly have had a spot through his role at the Business Council of Australia. However, Mr Comyn is currently overseas for business.

Westpac's CEO Peter King is also understood not to be attending in his capacity as ABA chair.