Like the Morrison government, Labor is not promising to return the federal budget to surplus any time soon should it win the upcoming May election.
Shadow treasurer Jim Chalmers says whether it's based on last week's budget or the most recent intergenerational report, it would be hard to anticipate surpluses for some time.
"That's just the condition of the budget that we would inherit," Dr Chalmers told the National Press Club on Tuesday.
He also hit back at the criticism from Treasurer Josh Frydenberg that he lacks the experience to hand down a budget because he hasn't produced one before.
"That applies to him, too. And by the way, it applies to Peter Costello. It applies to Paul Keating. It applies to a whole heap of others," he said.
"So, I don't pay much attention to that."
He said he had been involved in 16 budgets, going back to when he worked for former Labor treasurer Wayne Swan.
Dr Chalmers reiterated that Labor has no plan to raise taxes other than ensuring multinationals pay their fair share of tax, in tandem with other countries under the guidance of the Organisation for Economic Cooperation and Development.
He again promised not to overturn already-legislated income tax cuts due to roll out in 2024.
He also insists Labor's promised cheaper child care and aged care reforms come at a fraction of what the federal government spent in last week's budget under its five-point economic plan.
"Together they make up only one-fifth of the government's new spending decisions that they unveiled in their latest budget," he said.
Putting that in context, he says by 2025/26 Labor's largest commitments will make up only 0.3 per cent of GDP spread over the next four years.
In comparison, the government's decisions in this year alone are larger - at 0.4 per cent of GDP - and represent about 1.5 per cent of GDP over the forward estimates.
"So we maintain that our approach is necessary and responsible and right for the economic conditions," he said.
"That's why the quality of spending matters as much as the quantity."
He is also acutely aware of the risks to interest rates and what it means for household and federal budgets, noting the Commonwealth Bank's latest forecasts see the cash rate rising to about 2.5 per cent
That compares with its current record low of 0.1 per cent.
This will push mortgage payments as a share of household disposable income to a record high.
"This reflects the worsening housing affordability under the Liberals and the near record household debt-to-income ratio, which has increased by 20 percentage points after remaining stable during Labor's last term," Dr Chalmers says.
"We know rising mortgages are bound to impact the recovery."
He again attacked last week's budget as more about shielding the government from voters and setting it up for a fourth term, rather than setting the country up for a better future.
"Last week we got a document that gloried in its shallowness and wallowed in its triviality," Dr Chalmers says.
"Deliberately, overtly, insultingly conceived as a prop for the election."
