Turnbull rejects Labor budget plan

Malcolm Turnbull says his government won't be supporting Labor's new list of proposed budget savings.

Opposition Leader Bill Shorten will use a speech on Wednesday to unveil savings and extra taxes worth $8.1 billion over four years, while the prime minister wants Labor to back a bill to make $6.5 billion in savings.

"He is asking us to support things that we have previously opposed and the reason we oppose them is because they are additional taxes on investment," Mr Turnbull told reporters in Sydney.