Economy transition only election issue: PM

Prime Minister Malcolm Turnbull has declared Australia's transition from a nation experiencing a mining boom to a new economy the "one central issue" of the federal election.

Addressing the Victorian Liberal Party faithful in Melbourne, Mr Turnbull repeated his dedication to making Australia "more innovative, more competitive, more productive".

"In this election year, there is only one central issue. Whether we complete our transition to the new economy or we allow Labor to kill off that opportunity," he said on Saturday.