Treasurer Scott Morrison has labelled Bill Shorten the leader of a new "red" Labor party, and accused the opposition of "economic time travel" by leading the most left-wing labour movement Australia has seen in generations.

In a speech that will lay out the government's economic agenda, Mr Morrison will on Thursday warn against the economics of opportunity being overwhelmed by "the new romantics of protectionism," and compare Mr Shorten to British Labour leader Jeremy Corbyn and US senator Bernie Sanders.

The Treasurer's Bloomberg Address comes a week after Finance Minister Mathias Cormann accused a Shorten-led Labor party of "socialist revisionism" that would lead to a "success exodus."

The speech forms part of a broader Coalition strategy that paints a doomsday scenario of Australia with Mr Shorten at the helm.