Australia has become "a nation that can no longer house its own children", Labor's Chris Bowen has warned, with soaring home prices cutting young people out of the market and a generation facing a crisis in affordability.

And Mr Bowen says the growing wealth of the super-rich one per cent - and the relative decline in middle-class incomes - has caused the surging popularity of nativist parties like the Nick Xenophon Team and Pauline Hanson's One Nation, Donald Trump in the United States and the success of the "Brexit" campaign.

"We can't expect middle-income earners to support globalisation and outward-looking policies when they can see scant evidence that it is working primarily for them," he will say.

In a major speech to the McKell Institute in Melbourne on Thursday, obtained by Fairfax Media, the opposition treasury spokesman will set out Labor's philosophical approach in the next term to economic management, inclusive growth and, crucially, the case for winding back negative gearing tax breaks.