Labor is poised to usher through Parliament legislation for almost $50 billion in business and personal tax relief while at the same time unveiling significant spending proposals of its own, arguing the Coalition can no longer moralise over debt and deficit.

A day after the budget forecast gross debt to hit $1.7 trillion by the end of the decade, Labor leader Anthony Albanese promised $500 million for the first instalment of a larger social housing policy he will take to the next election.