The Coalition's long-awaited election costings do not have any spending cuts to health or education, and no changes to the GST.
The Labor Party says a Coalition government would use an audit of the nation's finances after the election as an excuse to introduce more cuts to almost all parts of the economy.
Treasury spokesman Joe Hockey has outlined an extra $9-billion in spending cuts, to pay for the Coalition's election promises, bringing the total cuts to around $40-billion over four years.
Mr Hockey says over the next four years under a Coalition government, $16-billion of debt would be paid down and the budget would be $6-billion healthier than under Labor's economic plan.
He says the Coalition would be aiming to bring the budget back to a modest surplus by 2016/17.
Mr Hockey says a Coalition government would also save more than one-billion dollars by stopping asylum seekers arriving on boats.
On top of the 12,000 job cuts announced for the Commonwealth public service, a Coalition government would also achieve savings by making the public service more efficient.
And there would be a scaled-back Indigenous policy reform program, saving $40-million.
Mr Hockey says in order to fund the Coalition's infrastructure plans, an Abbott government would cut projected foreign aid by more than four billion dollars.
Mr Hockey says the cuts are unfortunate but necessary.
"We are going to cut the growth in foreign aid to pay for neccesary infrastructure here in Australia. We need to do this to grow our economy. We can only be a more generous nation to the rest of the world if we have a strong Australian economy."
Coalition leader Tony Abbott has pledged that he would set up a commission of audit similar to that commissioned by John Howard when he took power in 1996.
He says it would undertake a thorough review of government spending.
"I'm very happy to have the Commission of Audit to go through the whole of the administration to tell us whether in their opinion they think things can be done better. And where things can be done better. More frugally, more prudently with more benefit for taxpayers. Surely it would be a foolish government who would ignore that."
Labor is continuing to attack the Coalition's figures as unreliable.
Finance Minister Penny Wong says the real reason why Mr Abbott wants a commission of audit is he doesn't want to tell voters where the real cuts will fall.
"What has Tony Abbott got to hide?. What we do know is that Mr Abbott was asked twice whether any area would be quarantined from his post election commission of audit - a commission which we know from past Liberal governments is only ever set up to justify deep cuts. Everything is on the table. Health, education, pensions, family payments."
Labor's final budget figures show that an additional $1.6-billion would be needed in cuts to pay for its additional announcements during the election campaign.
This would be on top of the cuts already announced.
Under a re-elected Labor government, there would be tightened defence spending, a deposits tax on banks, increased taxes on tobacco, and tighter tax rules governing fringe benefits tax for company cars.
Under Labor, there would be also be cuts of almost $880-million over four years from the foreign aid budget, with some funds redirected to manage asylum seekers processed in PNG.
Prime Minister Kevin Rudd says Labor is better placed to get Australia's economy performing again.
"There are some people in Australia who think that the economy, jobs, education, health and the rest will simply continue much the same as before if Mr Abbott is elected. My message to Australians is that from Liberal Party's own history we know that will not be the case we also know that there is only one credible reason why Mr Abbott is being so evasive about the detail of his cuts now. And that's because he knows you would be concerned about the big hits on jobs, schools and hospitals that would occur in the future."
Greens leader Christine Milne says she will move in the new parliament for changes that would require parties to submit policies for costing as they are released.
She says the coalition has been dishonest by withholding its final costings until the second-last day of the election campaign.
