A bilateral trade agreement with China would boost Australia’s gross domestic product by A$146bn ($114bn) over 20 years, according to a report due out on Thursday.

The Australia China Business Council’s study was prepared by an independent economic consultancy but sponsored by Chinalco, the aluminium group trying to execute China’s largest foreign investment with a US$19.5bn (€14bn, £12.4bn) injection into Rio Tinto, the Anglo-Australian miner.