Labor promises hit $55bn: Turnbull

Labor's promises to date would blow a $55 billion hole in the federal budget, Prime Minister Malcolm Turnbull says.

Mr Turnbull has told parliament Labor was continuing its "undistinguished record in fiscal management".

"From the measures that have been announced so far Labor would blow the budget bottom line by nearly $55 billion," he said on Tuesday.

A spokesman for Shadow Treasurer Chris Bowen says Labor intends to provide more savings than spending over the next decade.

"We don't know what the state of the Budget will be after a term of fiscal mismanagement by the Abbott-Turnbull government," he said in a statement to AAP.

"Labor will publish final costings and an impact on the underlining cash balance well ahead of the next election, in contrast to the pathetic benchmark set by the coalition in 2013 where they released a final bottom line one minute to midnight."