Malcolm Turnbull has kicked off the Budget big sell, ruling out an early election during an early morning media blitz.

While Treasurer Scott Morrison’s promise of tax cuts for low and middle earners, and an early return to Budget balance, was seen to have kick started the Coalition’s bid for re-election, the prime minister is sticking to his time table.

“You should expect an election on the due date, which is the first half of next year,” he said.

Prime Minister Malcolm Turnbull has ruled out an early election after last night's budget. (AAP (AAP)

“It’ll be in the first half of next year,” he told The TODAY Show.

The prime minister strongly defended the modest cut of between $200 and $530 next year, while wider tax relief and reform will take seven years.

“This is a budget that delivers for hard working Australians in a very, very real way.

“Allowing people to keep more of their money they earn.”

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison outside Parliament House this morning. (AAP) (AAP)

It was, he said, affordable and fair, and “compelling” and “progressive” reform.

“This is what you get from a stronger economy.”

Increased tax offsets for low and middle income earners will kick in next year.

The seven-year plan, the government will legislate, will cost $140 billion over ten years.

In time, the middle tax bracket will be scrapped, meaning those earning $199,000 a year would pay the same top tax rate as those earning $42,000.

Only those earning $200,000 would pay the top rate, and 94 percent of taxpayers would be on the lowest or middle rate.

It relies on the Coalition Government being re-elected twice.

Labor has indicated they’ll back the first cut, for low and middle income earners.

“Let’s vote together to give that $10 a week extra to families doing it tough,” Bill Shorten said.

“Don’t worry about the seven-year mirage. For this budget, let’s look after working people.”

Mr Shorten said the budget was one for “big business but not the battlers”.

Labor leader Bill Shorten has taken aim at the budget this morning. (AAP) (AAP)

“What an uninspiring document this budget is,” he said.

“This budget is a hoax. What they’re saying is if you vote for Malcolm Turnbull for the next three elections, you might get a tax cut after that.”

He stepped up pressure on the government to dump the tax cuts for big business, including $17 billion in cuts for the big banks.

“Drop the corporate tax cut Scott (Morrison),” he said. “Look after middle and working class Australians.

“Why don’t’ they just legislate for Turnbull to be prime minister for the next seven years?

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“This is not free beer tomorrow. This is free beer in seven years time.”

Scott Morrison said the budget, more specifically, the tax cuts, weren’t about the election.

“This is about saving taxpayers money,” Mr Morrison told The TODAY Show.

“It’s about them. Not about me. It’s not about the prime minister.

“It’s actually about Australians who are working hard and they should get the relief from their hard earned work.

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“Tax relief is not a give away. It’s their money. They give it to us.”

Mr Morrison introduced the legislation when Parliament resumed this morning, saying the plan meant a “lower, simpler, and fairer” tax system.

“It is affordable, fiscally responsible and allow people to manage the household pressures the face,” he told the House of Reps.

The entire package, he said, must be passed as one, to give taxpayers certainty now, and into the future.

“The whole deal provides reward for effort, providing incentives to strive for success.