Cost of living in mind as Labor clutches purse strings

The federal government says the election campaign won't be a spending frenzy. (Bianca De Marchi/AAP PHOTOS)

The federal election looms as a cost-of-living showdown but both major parties are yet to splash wads of cash in a bid to woo voters.

With Australians due to cast their votes before May 17, Anthony Albanese has kicked off the year by courting voters in marginal electorates across multiple states.