Malcolm Turnbull has opened the first formal leaders' debate pitching his national economic plan.
Mr Turnbull says that these are times of enormous opportunity and uncertainty, these are times of great challenge.
He says these are times when Australia needs a clear economic plan.
Opposition Leader Bill Shorten said the election was about the next 10 to 20 years.
"This election is about ... Labor's positive plans for a strong economy and a fair society," he said.
Labor's plans would "ensure jobs, education and Medicare".
The government's $50 billion tax cut plan was a "very expensive risk", which mirrored the economic strategies of Margaret Thatcher and Ronald Reagan.
Mr Turnbull said former Labor treasurer Paul Keating cut company tax to boost the economy.
"Why did he do that? ... For every dollar cut from company tax you get $3 going to labour - the employees - and $4 additional value in GDP," Mr Turnbull said.
Asked about climate change and his former support for emissions trading, Mr Turnbull said Australia was playing its part.
"I stand where I have always stood, recognising that we must take action as a global community to reduce our greenhouse gas emissions to protect our environment for our children, our grandchildren and the generations that come thereafter."
Both leaders were asked how they could be trusted by voters given that they had been involved in dumping their own parties' leaders in recent years.
Mr Turnbull said he was a "well-known quantity in Australian public life".
"I did not come into this role as a political activist," he said.
"I did not come in here as a political staffer.
"I came into this role as an adult, at 50, after a lifetime of working and building businesses."
Mr Shorten said Labor had learned its lesson from the "difficult period" of leadership change.
"We have demonstrated more unity of purpose than we have in a very long time," he said.
Mr Shorten said the prime minister was "Tony Abbott lite" when it came to tackling climate change.
"There's a big difference between me and Mr Turnbull - I genuinely lead my party whereas your party genuinely leads you," Mr Shorten said.
Mr Turnbull said it was "another cheap shot".
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