Keating helped Shorten with budget speech

Former prime minister Paul Keating helped Opposition Leader Bill Shorten write his budget reply speech.

Admitting he was a big fan of the former leader, Mr Shorten said he sought the counsel of many senior Labor figures in writing the speech.

"The budget reply speech was a statement of Labor values," he told reporters in Melbourne on Friday.

"I was very grateful for the ongoing advice of many of my caucus and many former great Labor people including (former ACTU secretary) Bill Kelty and Paul Keating.

"I think that Paul Keating was a great prime minister and one thing's for sure, when he was treasurer I think he was much better than Joe Hockey will ever be."