Treasurer Scott Morrison says the budget will be an economic plan that backs Australians who want to drive jobs and growth.
Mr Morrison will deliver his first budget on Tuesday, days before Prime Minister Malcolm Turnbull seeks a double-dissolution election on July 2, the treasurer says.
He says Australians understand the global economy is going through a “difficult” period.
“But they’re out making it happen every day, and the budget I will hand down next week on behalf of the Turnbull government will be all about backing them in,” Mr Morrison told reporters in Canberra on Friday.
Rather than a list of measures, the budget would be an “economic plan”.
“This is the path we’re clearing so Australians can continue to make their way forward in this difficult global economy,” he said.
Having already rejected changes to negative gearing and the GST, the treasurer said the budget would include measures to ensure the tax system was sustainable.
Mr Morrison declined to comment on the prospect of the Reserve Bank cutting the cash rate on Tuesday, only five hours before he delivers the budget.
“I know what (RBA governor) Glenn Stevens will do and the board will be in the national interest,” he said.
Banks would need to consider the needs of their customers as they weighed any cut in their loan rates.
Shadow treasurer Chris Bowen, whose party plans to scale back negative gearing and capital gains tax concessions if it wins the election, said Mr Morrison had “squibbed” dealing with excesses in the system.
“I say if there’s budget pressures then we should do something about them by dealing with a tax concession which is the most generous tax concession for property investment in the world,” he said.
Greens treasury spokesman Adam Bandt said more tax, starting “at the top”, was needed to properly fund education and health.
“Better to have a small deficit and well-funded public schools than a small surplus and an under-educated society,” he said.
Meanwhile, there is speculation the Turnbull government will push ahead with deregulating university fees in the budget.
But fee increases could be capped in order to head off Labor’s attack on “$100,000 degrees”.