Budget balance depends on growth: Turnbull

The economy must grow faster if the budget is to be brought back into balance, Prime Minister Malcolm Turnbull says.

Prime Minister Malcolm Turnbull insists the economy needs to grow faster than the growth in government expenses if the budget is to be brought back into balance.

Under the new stewardship of Mr Turnbull and Treasurer Scott Morrison the government faces a mammoth task if it is to return a surplus in 2019/20 as predicted by former treasurer Joe Hockey.

"If your economy is growing faster than your expenses over time that deficit will shrink," Mr Turnbull told 3AW radio on Tuesday.