The man who would be treasurer in a Labor federal government says the party makes no apology for wanting to change taxes to make Australia fairer.
The sentiment by shadow treasurer Chris Bowen comes as Prime Minister Scott Morrison continues his attack on Labor's economic credentials and plans for "$200 billion in new and higher taxes".
Mr Bowen says the prime minister is running a scare campaign about Labor's intentions ahead of the national election due by May.
"What we're doing is reforming unsustainable, unfair concessions and loopholes in the system," he told ABC Radio National on Wednesday.
"We make no apology for that, it's the right policy,"
Mr Bowen didn't deny the $200 billion figure linked to Labor's reform when it was put to him.
But he said it was necessary for Australia's future to invest more in schools and hospitals and in initiatives such as universal preschool for three-year-olds, closing the gender pay gap and making more generous personal income tax cuts than those proposed by the coalition.
Among Labor's pledged changes is cutting the negative gearing tax break so it only applies to newly-built homes, with the policy grandfathered so the limits won't apply to existing investors.
The opposition has also proposed a reduction in the capital gains tax discount and ending cash handouts for non-taxpaying shareholders on their dividend credits.
Mr Bowen said Labor has had the courage to be up-front about its plans and seek a mandate for them.
But the prime minister said the changes are the worst thing that could happen to the Australian economy as it grapples with global challenges, such as trade tensions between the United States and China.
"Make no mistake - the Australian economy will be weaker under Bill Shorten and the Labor Party than otherwise, because their policies are designed to slash people's home prices, take away their savings," he told reporters in Brisbane on Wednesday.
Mr Bowen isn't afraid of the war of words.
"We relish the economic debate. Not only do we welcome it, we relish it," he told reporters in Sydney.
The stoush comes as inflation sped up a little to 0.5 per cent in the December quarter, beating market expectations of a 0.4 per cent rise.
But that wasn't enough to keep the annual rate from slipping, figures from the Australian Bureau of Statistics on Wednesday show.
The consumer price index slowed slightly to 1.8 per cent in the 12 months to December 31.
