Labor costings fall short: Morrison

The coalition says Labor has failed to make any progress in balancing the budget with the announcement of savings on Friday.

Treasurer Scott Morrison says Labor's budget savings aren't enough to fund their election promises. (AAP)

Treasurer Scott Morrison says Labor's new-found budget savings amount to $2.4 billion and are nowhere near enough to fund their election promises.

Mr Morrison said the opposition's reversal on government-initiated cuts came to $1.8 billion over four years and new savings amounted to $600 million above that already pledged by Labor.

"When they have a mountain to climb, they didn't even get to base camp today," Mr Morrison told reporters in Sydney on Friday.