Labor has put forward a compromise to pass $6 billion in savings that includes scrapping the one-off baby bonus to new parents.

The Opposition has agreed to 20 of the 24 measures put forward in the Turnbull Government's so-called omnibus bill, accounting for $6.3 billion in savings.

Opposition Leader Bill Shorten today confirmed Labor had secured the axing of the $1,000 supplement for new mothers, in addition to reaching a compromise on the clean energy supplement, while the Australian Renewable Energy Agency (ARENA) has been saved.

Mr Shorten said the savings would also be used to prevent a reduction in the Newstart Allowance for new jobseekers.

"We've forced the Government to capitulate on one of their signature policies," he said.

Prime Minister Malcolm Turnbull dismissed suggestions that the negotiations show the limits of the Government's mandate.

Mr Turnbull told reporters in Canberra that the Government did not have a majority in the Senate and must negotiate to secure the passage of legislation.

Finance Minister Mathias Cormann addressed the media alongside the Prime Minister, and said the Government would still be pushing for a number of savings measures related to carbon tax compensation and clean energy supplements.

Senator Cormann added that negotiations around ARENA's $800 million in funding would have no impact on overall government debt as "we will be, of course, reducing the amount of capital available for concession loans and equity to the commensurate degree".

In a joint statement with Treasurer Scott Morrison, Senator Cormann outlined the amendments to the omnibus bill as:

Progressing the Government's reforms to dental services through separate legislation;

Progressing the Government's reforms to dental services through separate legislation; Restoring $800m of ARENA funding over five years ($550m over forward estimates);

Restoring $800m of ARENA funding over five years ($550m over forward estimates); Removing the Energy Supplement only for new recipients of Family Tax Benefit Part A, Family Tax Benefit Part B and the Commonwealth Seniors Health Card;

Removing the Energy Supplement only for new recipients of Family Tax Benefit Part A, Family Tax Benefit Part B and the Commonwealth Seniors Health Card; And adding a new schedule that limits access to the FTB Part A end-of-year supplement to families earning less than $80,000 per annum.

The Nationals have previously strongly opposed moves to reduce the baby bonus, though its axing means the most vulnerable — those on Newstart, disability payment, carers and the aged pension — will be shielded.