Labor has put forward an alternative package of budget savings, as the government seeks support for a $6.5 billion plan.
Bill Shorten will use a speech to the National Press Club on Wednesday to outline his plan, which would save $8.1 billion over four years and $80.5 billion over the decade.
While there is some overlap with the government's proposal - which will be put to parliament next week in the form of an omnibus bill - the Labor plan also includes $37.3 billion in savings over 10 years from overhauling negative gearing and capital gains tax.
It also banks $4.7 billion of extra tobacco excise over four years, or $28.2 billion over the decade.
Challenged by Malcolm Turnbull to back the omnibus bill because it reflects Labor's election promises, Mr Shorten says the opposition is offering a "genuine solution".
"Both major parties want a stronger bottom line for the country, the current disagreement is over how we get there," Mr Shorten will say in his first major post-election address.
"But let's be frank - our budget and our economy need something a lot more serious and a lot more substantial than Mr Turnbull's stunt."
Labor will support capping deductions for managing tax affairs at $5000 and extending existing freezes on family payments thresholds to 2019/20, but will oppose the return of the baby bonus.
There is backing for the $8000 a year cap on VET FEE-HELP loans and a continuation of the pause on indexation of the Medicare levy surcharge and private health insurance rebate tiers for five years.
A $1 billion saving from stopping rebates on private health natural therapies or junk policies is also on the Labor list.
"If the government supports our measures you won't hear me jeering about backflips and backdowns - I'll be there to vote for these changes, for the good of the country," Mr Shorten will say.
Mr Shorten said the opposition would scrutinise the government's budget savings bill when the legislation was made available.
"Our position will reflect the position we took to the election."
The opposition leader will also use the speech to again take aim at the government's plans for Medicare, which featured during the election campaign.
"Saving Medicare was the biggest issue of the election campaign and protecting Medicare must be a priority for the 45th parliament," Mr Shorten says.
"Until he (Mr Turnbull) abandons his attacks on bulk-billing, the price-hike for medicine, the new fees and charges for pathology and diagnostic imaging and the privatisation task force then Australians have every right to be suspicious of his government's intentions."
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