Labor has accused Malcolm Turnbull of a 'blatant political lie' over the plan to cut company tax.

Mr Turnbull and Labor leader Bill Shorten trade insults in exclusive articles for the Herald Sun to kickstart the nation’s long journey to the polling booths.

Mr Shorten stoked the election fire by accusing the PM of telling a “blatant political lie” in the Budget over the cost of a 10-year plan to cut company tax.

Treasury revealed it will cost more than $48 billion — after Mr Turnbull had previously said Treasury had not “identified” the cost.

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In his exclusive column, Mr Turnbull issued a pointed attack on Labor’s economic credentials.

“One of the greatest risks to the successful transition to a strong economic future is for government to spend unwisely and to increase the tax burden or the deficit — or both — to cover the extra spend,” he said.

“Sadly, that is the approach of our opponents.”

Mr Turnbull said the Labor approach was to spend unwisely. Picture: John FederSource:News Corp Australia

Mr Shorten accused Mr Turnbull of telling a “blatant political lie”. Picture: AAPSource:AAP

Mr Turnbull added: “After three years, all Labor has been able to come up with is an agenda to increase taxes by $12 billion over the next four years and $100 billion over the next 10. This is not a plan for the future.”

Mr Shorten shot back in his exclusive column for the Herald Sun, taking a class-warfare theme in reverencing “Malcolm’s millionaires” in his attack on the Budget.

“This is a Budget for big business over the battlers,’’ he said.

“It was meant to demonstrate, at last, that Malcolm Turnbull was different to Tony Abbott. But it contains the same $80 billion cuts to schools and hospitals and the same cuts to working and middle-class families.

“The same cuts to Medicare, to childcare, to aged care, to carers and pensioners.

“Labor will support a tax cut for small business — but unlike the Prime Minister, we will not use this as camouflage for a massive tax cut to big multinationals,” he said.

The Prime Minister talked up the Budget as a prudent plan for growth, boosting investment and inspiring the business sector.

“My team is working hard to make sure we pull every lever we can to set Australia up to take advantage of the exciting opportunities ahead of us in this century.’’

Governor-General Sir Peter John Cosgrove. Picture: AFPSource:AFP

Mr Turnbull said his Budget was “not full of giveaways and sweeteners” but instead designed to give the nation longer-term security.

Governor-General Sir Peter Cosgrove has arrived back in Australia after a diplomatic tour of France, ­Afghanistan and Kuwait and is due to fly from Sydney to Canberra tomorrow to await Mr Turnbull’s ­arrival.

Neither leader of the two major parties has led an election campaign before. Both will start crisscrossing the country from Monday as they fight out an election that will see all 76 Senators join the 150 members of the House of Representatives having their positions put to voters.

New Senate voting rules are expected to see most micro-party senators lose their seats.

Mr Turnbull spent yesterday announcing a new military training deal with Singapore, then bunkered down in Sydney ahead of confirming the first double-dissolution election in 30 years, on July 2. Mr Shorten spent the morning selling his alternative budget, including plans to cap vocational education and training fees.

All major opinion polls have the parties either level-pegging or Labor slightly in front, setting up both a marathon campaign and the possibility of a very tight result.

annika.smethurst@news.com.au

@annikasmethurst

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