Labor says an extra $7.4 billion budget spending over the next four years is needed to drive jobs and economic growth.
Prime Minister Scott Morrison has maintained through the election campaign his coalition government is better placed to manage the budget and boost jobs.
Announcing a Labor government would take the budget deficit for the 2022/23 financial year to $79.1 billion, finance spokeswoman Katy Gallagher took aim at the coalition for spending more and borrowing more than any other government.
"We do not have the luxury of burying and hiding billions of dollars in various slush funds, as Scott Morrison likes to do. The Australian people deserve a government that is better than that," she told reporters in Canberra.
The costings include plans to crack down on multinational companies not paying their fair share of tax, public sector efficiencies and fees for foreign investment screening.
Labor's promises will also be partly funded by winding back $750 million in taxpayer-funded grants it links to "waste and rorts" under the Morrison government, as well as $560 million in penalties for corporate anti-competitive behaviour.
Asked why Labor was spending more money, shadow treasurer Jim Chalmers said the investment was in key policy areas and was "worth it".
"We feel that the budget would be weaker, without investing in crucial economic policies like child care, cleaner and cheaper energy and training," he said.
"So we've made that judgment not lightly, but in the interest of the economy into the future because we want to make these decisions based on economics not politics."
The biggest spending commitment is $5 billion on child care.
Dr Chalmers said the "horse had bolted" on companies who received JobKeeper while making a profit, and an elected Albanese government would not be recouping the payments.
But Labor would not seek to bolster the public service efficiency dividend, as the coalition has promised in a bid to save an extra $1 billion off the budget bottom line.
He said Labor's policies would be seeking to address the workforce shortages through training and increased participation in addition to skilled migration.
The opposition's costings document does not set out the cost of an aged care sector pay rise but neither does that of the coalition.
Mr Morrison said repairs to the budget after the last Labor government took six years to complete.
"Are we going to have a Labor Party and a Labor leader that doesn't know their way around the economy and is a complete loose unit, or is it going to be a government who understands how the economy works," the prime minister told reporters in Launceston.
"That is the choice Australians are going to get to make."
He said the jobless rate at 3.9 per cent was evidence the government's economic plan was working.
Mr Albanese and five of his senior shadow ministers are hitting 20 marginal Liberal-held seats in the final two days of the campaign, kicking off in Sydney and Brisbane on Thursday.
Mr Morrison is in Sydney and expected to travel to Western Australia on Friday.
Averaging of opinion polls gives Labor a 54.3-45.7 per cent two-party preferred lead over the coalition, according to the Poll Bludger website.
Seven million people have either voted already or applied for a postal vote ahead of Saturday's election.
