The opposition will also slash spending on contractors, consultants and labour hire by $3 billion across the forward estimates, and launch an audit into what it has described as the Coalition's "rorts and wasteful spending".

Labor's economic team of Jim Chalmers, Katy Gallagher and Andrew Leigh announced the plan in Canberra on Wednesday afternoon, vowing to reduce the cost of living, drive economic growth and boost wages if elected next month.

The announcement follows confirmation Australia's inflation rate had surged to 5.1 per cent - its highest level in 20 years.

The soaring inflation rate will frame the federal election fight on economic management, as the Coalition and Labor trade barbs over which side is better placed to steer Australia beyond the pandemic.

Prime Minister Scott Morrison has argued throughout the election that the economy would be weaker under a Labor government

"A vote for Labor will mean more uncertainty," he told reporters in Rockhampton.

Mr Chalmers blamed Mr Morrison for the rising cost of living.

"Australians are getting absolutely smashed by the rising cost of living on Scott Morrison's watch," Mr Chalmers told reporters in Parliament House.

"This is Scott Morrison's triple whammy of skyrocketing cost of living, rising interest rates and falling real wages.

"And that's what the number was all about today."

Having dumped the suite of revenue raising policies it took to the failed 2019 election, Labor has confirmed an Albanese government would pursue just one tax reform: a crackdown on multi-national tax avoidance.

The plan includes support for the OECD's solution for a global minimum tax of 15 per cent and limiting the ability of multinationals to abuse Australia's tax treaties when holding intellectual property in tax havens.

The measures were expected to raise $1.89 billion over the forward estimates.

Mr Chalmers described Labor's tax agenda as responsible, conservative, measured and restrained.

Labor's plan to boost productivity and growth would be underpinned by an investment in clean energy, free TAFE, cheaper childcare, upgrades to the National Broadband Network and Australian manufacturing.

The budget strategy proposes a modest $5 billion in budget improvements, resulting from its crackdown on multinationals and public sector outsourcing.

Labor would invest almost $500 million to boost the public service, adding 1080 frontline jobs across Services Australia, Department of Veterans' Affairs and National Disability Insurance Agency.

The opposition has also vowed to conduct an audit of Coalition "rorts and waste" within its first 12 months in government.

Labor has highlighted the almost $20 billion in JobKeeper subsidies handed to companies with rising revenues, $5.7 billion in grants awarded to Coalition-held or marginal seats and up to $5.5 billion in compensation which could be paid on the torn up submarine contract as examples of government waste.