Prime Minister Kevin Rudd says the government is still gauging the state of the budget as policy makers face fiscal pressures globally.
Treasurer Chris Bowen confirmed this week he will release a pre-election economic statement to take into account changes to the economic and fiscal position since the May budget.
Mr Rudd told reporters in Melbourne on Wednesday that his expenditure review panel is continuing to look "at the overall shape" of the budget.
"We take our fiscal responsibility seriously," he said.
He said his government would keep the economy strong, return the budget to balance, deal with any challenges to revenue and deal with any way to tighten expenditure.
In the budget handed down by former treasurer Wayne Swan, he forecast a balanced budget in 2015/16 and a surplus in 2016/17.
Mr Rudd noted that the opposition would in government overturn Labor's $1.8 billion change to fringe benefit tax arrangements, saying this would add to the coalition's $70 billion budget black hole.
Opposition Leader Tony Abbott said the government was on a "spendathon", but instead of just making budget cuts it should reduce taxes.
"What I want to see from the government later this week is some serious evidence that, as well as just cutting, they are going to deregulate and reduce taxes so our economy is more dynamic," he told reporters after addressing a Gold Coast senior's expo.
Shadow treasurer Joe Hockey said the government was worsening Australia's economic instability and undermining business and consumer confidence by selectively leaking details of the budget.
"You do not create business and consumer confidence by leaking bad news about the budget every day," Mr Hockey told reporters in Sydney.
He called on Mr Bowen and Mr Rudd to immediately release the updated federal budget in full.
"Stop playing these games, stop blaming everyone else for the failure to deliver a surplus.
"Show the Australian people the real numbers now," he said.
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