Strong economic leadership under us: PM

Malcolm Turnbull says his government has delivered strong economic leadership in his first year as prime minister.

The prime minister says genuine reform must be pursued to deliver higher incomes for Australians. (AAP)

Malcolm Turnbull has used the approaching first anniversary of his rise to prime minister to spruik his government's economic achievements.

"Strong economic leadership under my government is delivering more jobs and growth," he told parliament on Monday.

Mr Turnbull said Australian growth was higher than that of any of the G7 economies, and while a year ago the unemployment rate was 6. 3 per cent, it was now 5. 7 per cent.

Treasurer Scott Morrison joined in the self-congratulation, noting exports are at their strongest since the Sydney Olympic 16 years ago.

"So this side of the house not only has a plan for jobs and growth ... those opposite don't ... which is why they were rejected at the last election, " he told parliament.

The prime minister's comments came after figures last week showed the economy had completed 25 years without a recession, while showing growth enjoying a four-year high at 3.3 per cent.

Labour force figures for August will be released on Thursday and economists expect them to show the jobless rate holding at 5.7 per cent.

But Mr Turnbull's observations also came as Australian shares tumbled around two per cent following a steep sell-off on Wall Street on Friday.

It was the largest one-day drop in the US since the UK voted in June to leave the European Union and came as investors fretted over the timing of the next interest rate rise by the US Federal Reserve.

Earlier Mr Turnbull, reporting back to parliament after a week-long series of international meetings around Asia, said if global economic events during the past decade had taught people anything, it was growth could not be taken for granted.

"Great reformists from both sides of politics including Hawke and Keating, Howard and Costello took tough decisions to make our economy stronger ... we must make the right policy calls for the times that deliver higher incomes for all Australians," he said.

Responding to Mr Turnbull, Opposition Leader Bill Shorten referred to the "soft underbelly" of the domestic economy.

Ordinary Australians were feeling the pinch, living standards were two per cent lower than when the Liberals came to power in 2013, while nearly nine in every 10 jobs created in the past year had been part time, he said.

"Australia needs more than a lecture about digital disruption and those taxpayer-funded ads for an ideas boom at suburban bus stops," Mr Shorten told parliament.