Kevin Rudd and Tony Abbott have both used the "r-word" while exchanging blows over the potential threats posed to the Australian economy by their policies, taxes and spending cuts.
Australia has avoided technical recession since the early 1990s despite rocky global economic conditions.
The prime minister said the latest official report showing annual growth of 2.6 per cent - well below the long-term average - underlined the need to avoid taking public spending out of the economy.
"Most of all, I fear an Australian economy which through Mr Abbott's massive cuts would risk triggering the economy into recession, with huge hits on jobs and huge hits on growth," Mr Rudd said while on the campaign trail in Melbourne.
The coalition plans to release its final spending and savings measures on Thursday, two days out from Saturday's election and in the electronic advertising black-out period.
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Treasurer Chris Bowen on Wednesday released an updated list of the government's costings, declaring only Labor had properly followed the election accountability rules set up by former Howard coalition treasurer Peter Costello.
Mr Abbott said Labor's figures were a fudge because some policy costings were still to be released while other plans like that for a low-tax zone for the Northern Territory hadn't been costed at all.
The opposition leader said the last politician to lead Australia into recession was former Labor leader Paul Keating.
"Labor are the recession experts," Mr Abbott said while campaigning in Sydney.
"If you want strong economic growth, you know who to turn to."
The legally-enforced blackout for TV and radio advertising from midnight on Wednesday means Labor will not be able to use ads to counter the coalition's final costings.
As the latest ReachTEL poll gave the coalition a 52-48 two-party preferred lead over Labor, Mr Abbott said he was feeling confident about the election outcome.
"I am confident, but I am not cocky or complacent, because anything can happen in these last few days," he said.
Meanwhile, the Australian Greens released advice showing one of the coalition's key promises - to shut down the $10 billion Clean Energy Finance Corporation (CEFC) - may not be easy.
The CEFC was set up by Labor to make commercial loans to finance clean energy projects.
Senate clerk Rosemary Laing said in written advice that legislation would need to be repealed to shut down the corporation, not simply a ministerial edict.
She wrote that a minister "who declined to carry out a statutory function ... contrary to the will of the parliament, would risk serious legal consequences, in addition to any legal action that could arise if lack of funding led to defaulting on specific contracts".
A CEFC spokeswoman said the corporation would consult with any incoming government.
But the corporation would continue to meet its legal and contractual obligations, including in relation to payments.
Greens Leader Christine Milne told the National Press Club in Canberra that voters were looking to the minor parties because the "old parties" were almost identical in terms of their policies and offered no new ideas.
However, despite never having met formally with Mr Abbott, Senator Milne said she was open to working with a coalition government on issues like paid parental leave, gun control and childhood obesity.
