Every dollar spent will be funded: PM

Prime Minister Malcolm Turnbull says the budget will plainly lay out how the government is going to fund every dollar it spends.

Australian Prime Minister Malcolm Turnbull Source: AAP

Prime Minister Malcolm Turnbull says the budget will plainly set out how every dollar spent is funded.

Mr Turnbull said concerns by ratings agency Moody's that more needed to bring the budget back into balance by 2021 confirmed his view the government had to live within its means.

He told reporters in Beijing on Friday Labor's spending promises were "utterly unfunded" and would result in more debt and higher taxes.