Next week's federal budget will outline the Turnbull government's approach to drawing down from the $130 billion Future Fund when the 2020/21 financial year is included in the forward estimates for the first time.
The fund was established by former Liberal treasurer Peter Costello in 2006 to cover future superannuation liabilities of public servants.
Labor says the health of Australia's sovereign wealth fund must be above politics.
"Which is why both the government and opposition need to work together to secure its longevity and viability into the future," shadow treasurer Chris Bowen and Labor finance spokesman Jim Chalmers said in a joint statement on Tuesday.
They say the mid-year budget review in December indicated the fund will start to be drawn down to the maximum extent possible from July 1, 2020.
However, an analysis by the independent Parliamentary Budget Office earlier this year warned the fund would be exhausted by 2052/53 if drawdowns start as envisaged in 2020.
It calculates delaying drawdowns until 2024/25, the fund would maintain an ongoing positive balance until the unfunded superannuation liability arising from the now-closed civilian and military schemes are largely extinguished in about 2100.
Mr Costello, now chairman of the fund, has also warned against draining an asset on the books of the commonwealth.
Drawdowns of $8 billion to $9 billion would quickly exhaust the fund and weaken the nation's balance sheet, he said.
