Labor will release own budget after win

If Labor wins the May federal election the party is promising to release its own version of the national budget within months.

Shadow treasurer Chris Bowen says Labor will hand down an economic statement if it wins government. (AAP)

Labor will deliver its own version of the federal budget just months after the May election if the party wins power.

Shadow treasurer Chris Bowen says Labor will release a major economic statement in the first quarter of the 2019/20 financial year.

"We need to update the forecasts with the new government in place, and then, of course, we would return to the normal budget cycle of budgets in May from 2020 onwards," Mr Bowen told the ABC's Insiders on Sunday.