Opposition finance spokesman Jim Chalmers has said the department could wield greater influence beyond preventing bad spending and guarding the nation's purse strings.

Dr Chalmers, in an opinion piece published on Friday in The Canberra Times, said Labor in government would involve the central agency in projects finding other economic levers to solve infrastructure and housing problems.

"As the alternative finance minister, I’m concerned that a limited, even caricatured view of the department has been allowed to develop which shrinks its role and influence rather than enlarging it," he said.

"Of course, finance will be called upon to prevent poor spending and to prioritise long term bang-for-buck over the short term political demands of the day.

"But Australians should expect more than a reactive 'no' to spending bids pitched up by other ministers.

"They should expect the custodian of the nation’s purse strings to create good; not just stop the bad."

Dr Chalmers said Labor would need more tools than direct investments and state-directed grant funding to pursue its economic agenda.

It would involve finance in projects co-investing in infrastructure, clean energy and advanced manufacturing.

In an interview, Dr Chalmers said Labor would leverage the department's influence more in pursuing its policies.

"Getting bang for buck will always be finance’s primary job but it is a big, talented, central department that can be relied on for much more as well," he said.

"Saying no to bad spending ideas will always be important but making room for good, inclusive, innovative, future-focused investment is crucial too.

"It’s involved in all aspects of the budget, the public service, government data, procurement, government businesses and much more and I think there’s scope to leverage that influence more, and more broadly, than the current minister does.

"I worked closely with the department during the global financial crisis and I know how great it can be."

The change would not necessarily bring a greater headcount to the 1700-strong department.

"This is not necessarily about more staff and resources for the department but more intelligently deploying its people in a way that better utilised their considerable talents and abilities."

Labor would involve finance in projects co-investing in clean energy by drawing on portfolio links to the Clean Energy Finance Corporation, Australian Renewable Energy Agency, and the Export Finance and Insurance Corporation.

It would also involve the department in the Northern Australia Infrastructure Facility and the party's proposed Australian manufacturing future fund.

"On top of these initiatives we need to be even bolder in areas where we can play a leading role in shaping markets for infrastructure, housing and other types of impact investing which would be in addition to rather than a substitute for direct public investment," Dr Chalmers said.

"If we are serious about inclusive growth, reward for effort and a decent safety net we need to be more and more creative about meeting those objectives and seeking new tools to do this in a cost-effective way."

Finance minister Mathias Cormann said Dr Chalmers didn't understand or appreciate the role the Finance Department fulfilled at the heart of the Coalition government.

"To dismiss the Finance Department’s role as just a 'say-no-department' is incredibly ignorant and shows Chalmers' lack of experience in his opposition role," he said.

"Finance and the many highly professional public servants in my department are absolutely central in helping to ensure that the Australian government’s policy priorities are implemented in a way that is as efficient and as effective as possible."

Dr Chalmers has also flagged Labor in government would provide 10-year costings for key policies and wants large Commonwealth-funded infrastructure projects to have an Australian apprentice for every ten jobs.

"We need to look into making local jobs and economic benefit a key part of the procurement process and not just an afterthought when a firm has already won a contract," he said.

He denied an expanded role would distract the Finance Department from its work getting value for government spending and supporting budget preparations.

"That role is complementary to, not in conflict with, leveraging its influence and reach more creatively and more broadly to deliver on the goals of the government and the country it represents."