Jim Chalmers has challenged shadow treasurer Angus Taylor to at least three economic debates in the lead up to the election, but economists derided both sides for failing to address urgent reforms required in tax and budget repair.

The treasurer said on Sunday that a comparison of the two major parties’ economic credential would decide what is expected to be a close election, arguing the Coalition needed to explain how it would pay for pledges that include a $3 billion investment for 28 airforce strike fighters, hundreds of billions of dollars for nuclear power plants and tax breaks for small business lunches.