Labor has admitted it would let the budget deficit blow out over the next four years, but says it can get back into the black at the same time as the coalition forecasts.
The admission came as Prime Minister Malcolm Turnbull said there were risks for both major parties in promising to balance the books, including China's economic growth and the Australian dollar.
The most recent projections by Treasury put the budget returning to a surplus of 0.2 per cent of GDP in mid-2021.
On Wednesday, Labor outlined a 10-year plan to boost the economy and jobs and meet the same surplus target, but without the government's $50 billion corporate tax cut.
Labor leader Bill Shorten says his guiding principles will be more investment in jobs, education and health care, rigid budget discipline, infrastructure, fair taxation, restoring the dream of a first home and the equal treatment of women.
The final numbers will not be released until closer to election day, but they will show four years of higher deficits than forecast by the coalition.
"It is true to say we will see less of a fiscal contraction than the government over the first four years as we return to balance in the same year," Mr Bowen told reporters in Brisbane.
Mr Turnbull, campaigning on the NSW south coast where he announced some community funding, said the plan amounted to a "glossy pamphlet".
But there were risks, such as the iron ore price, the foreign exchange rate and the state of the economies in China and Europe, associated not only with the government's 10-year projections but even its four-year budget estimates.
"Let's not kid ourselves," he told reporters.
"There are plenty of economic risks on the horizon ... but what I know for sure is that we are best able to deal with those challenges if we have a government with strong economic leadership."
Labor's key measures to restore the budget's health included not going ahead with the big business tax cut, higher tobacco taxes, changes to negative gearing and capital gains tax and a crackdown on multinational tax avoidance.
The prime minister said the fundamental flaw in Labor's plan was "they assume ... good times are going to roll" without backing business and investors.
Mr Turnbull also weighed into a debate over Labor's proposed royal commission into banks.
The Australian Securities and Investment Commission has launched legal action against National Australia Bank "for unconscionable conduct and market manipulation", which Labor says shows the need for a royal commission into the financial sector.
"The watchdog is sinking its fangs into a few suspected culprits and doing his job," the prime minister said.
Mr Bowen said Labor was interested in tackling the culture that fostered bad behaviour.
Labor finance spokesman Tony Burke said holes in the coalition's costings meant that the May budget figures would inevitably turn out wrong, whoever won the July 2 election.
"Neither the government nor Labor will be able to deliver the numbers that are published in the budget," Mr Burke said.
