Australian business leaders are set to meet with global finance ministers and central bank chiefs this week to push for more infrastructure investment amid concerns about a worldwide deficit.

The closed-door roundtable hosted by treasurer Joe Hockey and Wesfarmers chief executive and B20 Australia chairman Richard Goyder will be held on Friday, ahead of the G20 finance ministers’ meeting in Sydney this weekend.

The private meeting will be attended by corporate heavyweights including Telstra chief David Thodey, ANZ chief Mike Smith, Reserve Bank director Catherine Tanna and international investors including Singapore’s sovereign wealth fund Temasek, the Australian newspaper reports.

As well as improving infrastructure, the group wants to slash trade and investment barriers, increase labour mobility and free up capital flows from the finance sector to fund the economy, the report said.

It comes after last year’s APEC summit concluded that infrastructure needs in the region were too large for stretched government budgets.