Labor will demand the Morrison government bring forward its mid-year budget update and use the cash flowing in from the nation's miners to fast-track personal income tax cuts and boost spending as part of an economic rescue plan.

Ahead of next week's national accounts - which are expected to show the economy growing at its slowest annual rate since 2000, when Australia narrowly avoided a recession - shadow treasurer Jim Chalmers will on Saturday argue the budget forecasts are out of date and need to be revised to ward off a slowdown.

Shadow treasurer Jim Chalmers will on Saturday call on the government to bring forward its mid-year budget update, recast its forecasts and consider an economic rescue plan. Credit:Alex Ellinghausen

Treasurer Josh Frydenberg brought forward this year's budget to the first week of April due to the election. Since then, the global and domestic economies have deteriorated, with the Reserve Bank of Australia (RBA) expected to cut official rates, already at a record low of 1 per cent, further in coming months.

On Friday, figures from the Australian Bureau of Statistics showed a 7.3 per cent drop in the value of building work approved across the country - the worst result in three years.