The Coalition will go to Saturday’s election promising to reduce the budget deficit by more than $10 billion over the next four years, and to lower debt by $40 billion over the same period, in a bid to fortify voter perceptions that it is a better manager of the economy than Labor.

After Prime Minister Anthony Albanese refused to be drawn on what, if any, budget reforms he would attempt if re-elected, the Coalition will confirm on Thursday a range of budget cuts it claims will pay for its own election promises and improve the bottom line and debt outlook.