Labor has lashed the Coalition for its promise to repeal tax cuts announced in the federal budget, as Opposition Leader Peter Dutton says the savings will go to immediate cost-of-living assistance in the form of lowering petrol prices by 25¢ a litre.

With Prime Minister Anthony Albanese set to call the election on Friday morning, both sides are fine-tuning campaign plans ahead of a May 3 poll. Albanese is expected to visit Governor-General Sam Mostyn before travelling to marginal seats around the country.