Same surplus timing under Labor: Shorten

Tony Burke summed up the debate when he sparred with Finance Minister Mathias Cormann at the National Press Club.

"I've heard it before, it's a bit repetitive," Labor's finance spokesman said.

It was a barb aimed at Senator Cormann in their election debate, but it could well have been a summary of the lengthy campaign so far.

The campaign turned to economics on Wednesday as Labor launched its 10-year plan that includes matching the Turnbull government's promise to bring the budget back to surplus in mid-2021.

However, Opposition Leader Bill Shorten concedes budget deficits will be larger over the four-year estimates period while hundreds of billions of dollars in government debt will be paid down in a more responsible way.

"We will fix the national budget without smashing the family budget," Mr Shorten told a business breakfast in Brisbane.

The 32-page plan is focused on education and training, infrastructure, including the national broadband network, investment in renewables, supporting innovation and start ups and helping small business.

But it's light on the funding detail.

"What we are making clear is our priorities and our principles," Mr Shorten said.

Prime Minister Malcolm Turnbull, campaigning on the NSW south coast, was dismissive of the plan.

"What Labor has is a glossy brochure, that's all they have, another pamphlet," he told reporters.

It contained a "list of promises, a list of complaints, no way to pay for them and no demonstration as to how they are going to drive the economic growth that we need".

Treasurer Scott Morrison likened it to "voodoo economics", while Senator Cormann described it as "all pictures, no costings".

"Tony Burke ... wasn't able to say how big the deficit will be under Labor over the next four years," the senator said summing up at the end of the press club debate.

However, there were moments of honesty from both camps.

Comparing four-year budget estimates with 10-year projections, Mr Turnbull told reporters the further you go out the more speculative these assumptions are.

Mr Burke went further, saying neither the government nor Labor will be able to deliver the numbers published in the budget.

But neither side is stepping back from their respective 10-year plans - business tax cuts on the coalition side and health and education funding from Labor.

Shadow treasurer Chris Bowen said further budget savings, including in welfare spending, would be announced before the July 2 election.

He guaranteed Labor would release its full four-year and 10-year costings, challenging the government to do the same.

"They hide behind a $50 billion corporate tax cut," he told reporters.

"The reason they will not release their 10-year costings ... it will expose fiscal fraud and recklessness."