Bill Shorten has launched a 10-year economic plan that includes matching the Turnbull government's promise to bring the budget back to surplus in 2021.
However, the Labor leader concedes budget deficits will be larger over the four-year estimates period while hundreds of billions of dollars in government debt will be paid down in a more responsible way.
"We will fix the national budget without smashing the family budget," Mr Shorten told a business breakfast in Brisbane on Wednesday.
The 32-page plan is focused on education and training, infrastructure, including the national broadband network, investment in renewables, supporting innovation and start-ups, and helping small business.
But it's light on the funding detail.
"What we are making clear is our priorities and our principles," Mr Shorten said.
Prime Minister Malcolm Turnbull, campaigning on the NSW south coast, was dismissive of the plan.
"What Labor has is a glossy brochure, that's all they have, another pamphlet," he told reporters.
It contained a "list of promises, a list of complaints, no way to pay for them and no demonstration as to how they are going to drive the economic growth that we need".
Finance Minister Mathias Cormann was on the same page.
"All pictures, no costings," he told reporters in Canberra ahead of his National Press Club debate with opposition finance spokesman Tony Burke.
Mr Shorten acknowledged Labor would not have the same degree of fiscal contraction - codeword for smaller budget deficits - as the government has outlined.
That's because it rejects vicious cuts to health and education in the short-term.
Labor would not be a big-spending government and was committed to rigorous budget discipline.
"We are prepared to make the hard calls and the tough choices," Mr Shorten said.
"We will put forward a very clear plan to pay down the national debt we inherit in a responsible way."
Shadow treasurer Chris Bowen said further budget savings, including to welfare spending, would be announced before the July 2 election.
He guaranteed Labor would release its full four-year and 10-year costings, challenging the government to do the same.
"They hide behind a $50 billion corporate tax cut," he told reporters alongside Mr Shorten.
"The reason they will not release their 10-year costings ... it will expose fiscal fraud and recklessness."
