Federal cabinet will make the finishing touches to an economic statement due this week, ahead of an expected September election.
But Opposition Leader Tony Abbott says any spending cuts will really be disguised "taxes" by the government, which is trying to address a fall in revenues since the May budget.
Labor strategists say the economic plan will complete the pre-election four tasks Mr Rudd set himself, following earlier initiatives on carbon pricing, Labor party reform and asylum seeker policy.
The government's expenditure review committee met on Monday morning and cabinet is due to be briefed later in the day.
But the prime minister, who is meeting daily with Labor's campaign strategy group, has yet to settle on the election date.
Deputy Prime Minister Anthony Albanese said parliament could return as scheduled on August 20 if an election was not called by then.
Mr Albanese, who is on the government's expenditure review committee, said the economic statement would forecast a return to budget surplus in 2016/17 while maintaining growth and jobs.
"All of our actions will be completely consistent with the government's approach of supporting a strong economy, supporting jobs, and supporting fairness," Mr Albanese told ABC radio.
The latest Galaxy poll puts Labor and the coalition neck-and-neck and on a two-party preferred basis and in terms of which side voters rate the better economic manager.
Mr Abbott said an August 31 election - which would have to be called on Monday - had been ruled out by Mr Rudd because the Labor cabinet was "in a panic" over the state of the budget.
"There are some people who are saying there needs to be expenditure restraint and there are others who are saying spend, spend, spend to try to buy the next election," he told reporters in Sydney.
Mr Abbott said Labor needed to cut spending and roll out a plan to grow the economy.
Mr Abbott argued every time the government said it was saving money it was in fact putting up taxes and pointing to a recent decision to change car-related fringe benefits tax rules.
The changes govern the way the benefit is claimed and requires recipients to account for private and business car use.
If the government decides on a September 7 election, it would need to be called by next Monday to cover the minimum 33-day campaign period.
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