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Bill Shorten will shift Labor's focus to the economy with the launch of a "Ten-Year Plan for Australia's Economy", in a move to neutralise the Coalition's concerted attack over economic management.
The 32-page "Ten-Year Plan" booklet contains no new policies and amounts to a summary of the opposition's promises to date, while the ALP's final election costings are still weeks away, leaving it open to further government attacks over their economic program and a so-called funding "black hole".
Treasurer Scott Morrison will return fire with new modelling prepared by Independent Economics' Chris Murphy to claim that keeping the company tax rate at 30 per cent will act as a drag on economic growth and hurt consumers.
Labor has resolutely opposed the government's plan to cut company taxes to 25 per cent over 10 years, unveiled in the budget, arguing it is economically unfair and has instead pledged additional funding to key social policy initiatives, including education and childcare.
This has prompted a fierce attack from the Coalition, which has labelled Labor anti-growth and highlighted the fact that Mr Shorten and his treasury spokesman, Chris Bowen, supported company tax cuts when last in government.
Mr Morrison unveiled a new ad on Tuesday in which Mr Shorten, back in March 2012, said: "Any student of Australian business and economic history since the mid-80s, knows part of Australia's success was derived through the reduction in the company tax rate".
In a speech to a Brisbane business forum on Wednesday, Mr Shorten will argue that Labor will drive growth by investing in people.
"Labor believes that when middle and working-class families prosper, when small businesses prosper, Australia prospers. We will invest in schools, TAFE and universities to strengthen the skills, talent and capabilities of all Australians," the Opposition Leader said ahead of the speech.
He will highlight the different spending priorities of the two parties that can form government, arguing Labor will build a fairer Australia and drive productivity by focusing on infrastructure investment, renewable energy and education.
"Mr Turnbull wants to give big business a $50 billion tax giveaway, while at the same time running down our human capital and skills base."
The release of the plan is designed, in part, to counter a government "mid-campaign report card" that claimed the ALP had no plans for jobs and growth and had outspent the government by a 10:1 ratio.
In his speech to the West Australian Chamber of Commerce on Wednesday, Mr Morrison will again argue that Australia's "economic transition is at risk from an opposition that has learnt nothing since the last election".
"Additional modelling conducted by Independent Economics measures the economic loss of increases in taxes, over and above revenue raised.The analysis, by Chris Murphy, found a burden, or economic drag, of $1.39 for every dollar of revenue from having the business tax rate at 30 per cent instead of 25 per cent as proposed by the Government," the Treasurer will argue.
"Therefore, there is a benefit to consumers of $1.39 for every dollar of tax cut in reducing the rate of business tax from 30 per cent to 25 per cent. The benefit-to-cost ratio for consumers from the Coalition's tax plan is $2.39 per dollar of tax cut."
However, some economists have previously raised concerns that the company tax cut could send the budget bottom line backwards.
