The September summit - a Labor election promise - will aim to address Australia's economic challenges and will bring together about 100 representatives from the business, union and community sectors.
The Australian Council of Trade Unions is calling for an overhaul to Australia's economy to ensure businesses and workers are prioritised.
But while the ACTU's suggestions were welcome, they did not reflect government policy, Treasurer Jim Chalmers said.
"The whole point of having a summit like this is to bring people together to see if there can be common ground found," he told ABC Radio National on Thursday.
"It would be pretty strange if we said, 'come along to a summit and only bring along ideas which have been pre-approved by the government'.
"That's not in the spirit of the summit (and) not the spirit of the way the government operates."
The ACTU has called for the government to cancel planned stage three tax cuts, which will predominantly benefit higher-income households.
Dr Chalmers said the government wouldn't go ahead with the tax cuts, which are due to begin in the 2024/25 financial year, if it didn't think they were necessary.
"We intend to leave them in place ... we think that there are steps that can be taken now in the tax system particularly in relation to multinational tax avoidance," he said.
"That where our priorities should be."
Opposition Leader Peter Dutton was invited to attend the summit but said on Wednesday he would not go, labelling the event a "stunt with the unions".
Nationals leader David Littleproud accepted an invitation.
Mr Dutton was going out of his way to divide people and "wreck consensus", Dr Chalmers said.
"I think his behaviour in the last couple of days has isolated himself, humiliated himself and it's already split the coalition," he said.
But Mr Dutton on Thursday reiterated his stance, confirming he would not attend.
"(Jim Chalmers) sent the invitation to me by email (and) 25 minutes later he dropped it to the press gallery, so if you don't see that as a stunt then I don't know what is," he told ABC radio.
"If people think this is an accord in the modern age, it's not. It's a wish list from the ACTU about higher taxation."
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