Federal government tax and spending levels finished 2023 at near record highs, new analysis shows, as economists urge Jim Chalmers to focus on paying down debt instead of increasing spending to combat low growth.

Dr Chalmers on Wednesday signalled the government was weighing a pre-election spending boost after the Australian Bureau of Statistics released figures showing economic growth had slumped to just 1.5 per cent in the year to December 2023.