Opposition treasury spokesman Wayne Swan says that if labor is re-elected, a cap will be placed on tax rates.
He says that Labor will be more careful with their spending to ensure that Australians don't bear the brunt of the 17 per cent interest rates which occurred under the previous labor government.
His comments came just days ahead of Peter Costello's 11th budget.
Mr Swan's also says that fundamental reforms are needed in the current taxation system.