Prime Minister Tony Abbott says the intergenerational report will show the budget was heading into a ruinous state under Labor.
On Thursday, Treasurer Joe Hockey will hand down the five-year review of the challenges facing the economy over the next 40 years.
"What the report will show is that under the policies of the former government, we were going into a ruinous fiscal position," Mr Abbott told reporters near Canberra on Wednesday.
Under Labor, the debt-to-GDP ratio was heading to 120 per cent and deficits to 12 per cent of GDP.
The government had effectively halved the long-term deficit position, Mr Abbott said.
"Had all of the structural changes that we proposed last year been put in place, Australia would have been set up for a generation."
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