Prime Minister Malcolm Turnbull has placed economic management, Britain's shock exit from the European Union, the prospect of a "chaotic" Labor-Greens-independent minority government and $400 million in new spending promises at the heart of his re-election pitch.
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In a low-key launch of the Liberal campaign in the western Sydney seat of Reid on Sunday, Mr Turnbull spent just over one-10th of the $3 billion Labor committed at its launch last Sunday.
Six days before Australians vote, the economy took centre stage for both major parties as Labor released its policy costings, which showed the budget deficit would be $16.46 billion larger over four years.
But Labor shadow treasurer Chris Bowen focused on the "dramatic" $10.5 billion improvement to the bottom line over 10 years as a result of proposed changes to negative gearing and capital gains tax, dumping the company tax cut and keeping the top income tax rate at 49 per cent.
He stressed Labor would return to broad budget balance in 2020-21, the same year as the Coalition, although that relied on a forecast $11.3 billion deficit in 2019-20 turning in to a $1 billion surplus in 2020-21.
Treasurer Scott Morrison said that projected $12 billion, one-year turnaround would be a "miracle" and warned the costings showed a "vote for Labor, or the Greens and independents, will be voting for a higher deficit, of at least $16.5 billion, of higher debt and taxes".
The release of Labor's costings – four days earlier than the Coalition in election 2013 – and the Prime Minister's focus on proposed company tax cuts and new trade agreements will help keep the economy centre stage in the final week of the election campaign.
Mr Turnbull paid tribute to John Howard and, in a nod to the party's conservative base, Tony Abbott, and said the times demanded "stable majority government".
The Prime Minister was careful not to overplay the impact of the shock Brexit vote, emphasising the need for economic certainty, as was Foreign Minister Julie Bishop, who will speak at length with British counterpart Philip Hammond on Sunday night.
"Yes, the opportunities have never been greater, but so is the competition, so are the uncertainties. The shockwaves in the past 48 hours from Britain's vote to exit the European Union are a sharp reminder of the volatility in the global economy," he said.
"Always expect the unexpected. We will need to renegotiate vital trade deals with Europe and Britain. We concluded five in the last three years - Japan, Korea, China, Singapore and the Trans Pacific Partnership. In six years Labor concluded none."
Ms Bishop said the vote showed "what volatile times lie ahead and that's why we need a stable, mature, confident, competent government in Australia".
Published opinion polls put Labor and the Coalition neck-and-neck, but party strategists from both sides suggest the Coalition looks set to be returned with a reduced majority and Mr Turnbull's speech reflected that view.
Speaking after the launch, Liberal MPs, supporters and party strategists reflected a mood of cautious optimism about the government's prospects of being returned, albeit with its majority trimmed.
Targeting people considering a protest vote in the House of Representatives or Senate and amid fears the Senate in particular may play host to a host of new crossbenchers and minor parties, Mr Turnbull exhorted voters not to "roll the dice" on independents or minor parties.
"A chaotic Labor-Greens-independents alliance would wreak havoc on the economy, and put at risk living standards and our future opportunities," he said.
"When it comes to the minor parties, be they Lambie, Xenophon, Lazarus or Hanson - if you only really know the leader of a minor party, but you don't really know their candidates, and you don't really know their policies...then don't vote for them."
Mr Turnbull's speech stressed traditional Coalition strengths such as border protection while also including $396 million in new commitments for mental health, a crackdown on illegal guns, scholarships for disadvantaged kids, seniors' digital literacy and getting more women into science, technology, engineering and maths jobs.
Labor, Mr Turnbull said, had no plan to drive jobs and growth and opposition leader Bill Shorten had put "this Medicare lie at the heart of his election campaign".
The opposition announced two new savings measures on Sunday – capping the tax deduction available for managing one's tax affairs at $5000, which would affect about 40,000 people – and dumped the private health insurance rebate for so-called "junk" policies that only cover public hospital treatments.
Mr Bowen and finance spokesman Tony Burke questioned the government's decision to include $6.9 billion in so-called "zombie" budget measures – that is, savings stuck in the Senate – in its budget bottom line.
"In 2019-20, the government claims a deficit between five and six billion, but that includes the zombie measures. They assume the Parliament and the people will regard the 2014 measures as being all of a sudden fair and will pass," Mr Bowen said.
