Hockey promises earlier election costings

Shadow treasurer Joe Hockey says the federal coalition will do better than Labor in timing the release of its final policy costings for the election.

Mr Hockey on Monday laid out the coalition's broad economic plan and outlined some of the global pressures on the Australian economy in a speech to the Institute for Public Affairs in Melbourne.

He said the coalition's election policies could not be finalised until he saw the state of the budget in the Pre-Election Economic and Fiscal Outlook statement.

Mr Hockey acknowledged the coalition had "copped some criticism" for not releasing its suite of policies well ahead of the September 14 election.

He pointed to the 2007 and 2010 elections, saying Labor had released its costings only on the Friday before voting day.

"I can assure you that in this election the coalition will do better than that," Mr Hockey said, without giving a specific timeframe.

The shadow treasurer talked up the impact of taxes, budget deficits and higher debt on the economy and investment, saying it had "sapped the resilience of the country".

"It has weakened the capacity of the economy to withstand unexpected shocks, and it has placed us in a much feebler budget position to confront and meet some emerging long-term challenges," Mr Hockey said.

He said governments needed to take action to grow the economy, which would boost revenue, through improving participation and productivity.

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