The federal budget will be $16.5 billion worse off under a Labor government over the next four years, but have bigger surpluses in the longer run.
That prospect, amid global uncertainty over Britain's exit from the European Union, has been lampooned by Treasurer Scott Morrison.
"Labor confirmed that they are a triple-A threat to our triple-A rating," he told reporters in Sydney hours after the opposition released its final campaign costings on Sunday.
He also accused the opposition of using the cover of the coalition campaign launch to release the final numbers.
In the near term, Labor would have a $39.5 billion deficit in 2016/17 compared to the $37.1 billion predicted by Treasury and the Department of Finance in the pre-election economic and fiscal outlook.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
By 2019/20 the deficit will be $11.3 billion compared to $5.9 billion under the coalition.
As earlier flagged, Labor would return the budget to balance in mid-2021 - the same timetable as the government - a turnaround Mr Morrison described as "miraculous".
Labor finance spokesman Tony Burke hit back, saying the government's bottom line took into account so-called "zombie" measures worth $6.9 billion and unlikely ever to be passed by the parliament.
"They cannot and will not deliver the numbers that are contained within the budget," he told reporters.
The Labor costings were produced working closely with the independent Parliamentary Budget Office over the past three years.
The costings and final budget position have also been signed off by an independent panel that included Professor Robert Officer from the Chicago University, who conducted a commission of audit for the Howard government, former Finance Department secretary Michael Keating, and James MacKenzie, a former chief executive of Norwich Union Australia.
Labor said its total budget improvement over the next decade would be more than $130 billion, including two new announcements amounting to $2 billion.
From July 2017, Labor will place a $5000 cap on the deduction individuals can claim for the cost of managing their tax affairs, saving $1.7 billion to 2026/27.
Labor will also remove the private health insurance rebate from policies that only cover public hospital treatment, saving $135.1 million over the four years and $384 million over 10.
