Economists and leading tax experts have panned Labor and the Coalition’s competing election promises on mortgage interest deductions and standardised tax returns, accusing both sides of breaking with orthodoxy and shirking reform to chase votes instead.

At duelling weekend campaign launches, Opposition Leader Peter Dutton promised tax-deductible mortgage interest payments for first homebuyers and a one-off $10 billion tax cut, while Anthony Albanese said a re-elected Labor government would introduce a $1000 tax deduction for workers and promised all first homebuyers would be able to enter the market with a 5 per cent deposit.