The Coalition is calling on the Albanese government to prioritise cutting spending and lowering inflation in the May Budget.

Shadow Treasurer Angus Taylor has laid out five key areas he believes Labor should focus on.

They include lowering energy costs and reinstating stricter fiscal rules.

Treasurer Jim Chalmers has outlined growth as a key priority for next month’s Budget, aiming to avoid the stagnating growth hitting other major economies.

The Coalition is pointing to higher-than-expected inflation data and renewed concerns about interest rate rises as a warning to rein in spending.