Arriving at Parliament House where he will present his second Budget later on Tuesday, Mr Morrison said he understood that while the Australian economy had grown ahead of other advanced economies not everyone had experienced the benefits.
"Australians have been making big sacrifices to ensure that we've achieved the growth that we've had and I want to tell them that it's been worth it," he told reporters.
There were issues facing Australians every day and he invited the parliament to meet those challenges together.
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But shadow treasurer Chris Bowen said there had been four years of miss-steps and missed opportunities under the coalition.
"We will get all the cliches, all the corny sayings, but what Australia really needs is a plan for Australia's future," he told reporters.
Much is already known about what will be in the Budget papers, such as new funding arrangements for schools and universities, new infrastructure spending and a package to tackle housing affordability.
"A housing affordability package which doesn't involve a proper reform of negative gearing, in particular, is nothing short of a squib," Mr Bowen said.
Among other expected announcements, small businesses could win an extension of the $20,000 instant asset write-off which allows them to claim a deduction for new purchases.
Major welfare changes are expected to include a demerit point system for welfare recipients who don't turn up for job interviews or work-for-the-dole appointments.
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Slack job seekers reportedly will start losing payments when they reach four points, and when they get to seven points will be stripped of payments for eight weeks.
There are also reports of a levy on the big four banks to help fund a compensation scheme for victims of misconduct.
Australian Bankers' Association chief executive Anna Bligh said banks were already significant contributors to the tax bucket.
"I think they would be very concerned if there is a punitive tax or levy that singles banking out from the rest of the business sector," the former Labor premier told ABC radio.
Economists expect there will be a reduction in Budget deficits with the government able to stick to a planned surplus in 2021.
But that won't prevent government debt topping $500 billion in the coming months.
Mr Morrison insists the government has reduced the debt growth by two-thirds since coming to power.
"The job of the Budget is to bring it back into balance in a fair and responsible way and that's what we will be doing," he said.
Budget to focus on health and housing
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