Both sides of politics are furiously attempting to raise money before the May federal election but the Liberal Party has traditionally struggled to counter the union movement's contributions to Labor and Malcolm Turnbull was forced to personally donate $1.75 million to his re-election campaign in 2016. Loading But Mr Morrison said money had started to flow in, spurred by the end of "complacency" about the chance of Mr Shorten becoming Australia's seventh prime minister in eight years. "I can say quite confidently that we are well ahead on fundraising in this election. We are well ahead of where we were going into the 2016 election and I have seen that from the day I stepped into the job," he said. "Why? Because [donors] know I'm going to fight and they know I have that record.

"The second reason is they know the risk of Shorten better than anyone. At previous elections there was some complacency about the risk of Labor, they thought we would win, but we are the underdog and I think there's a realisation of what he will mean." Mr Morrison and Treasurer Josh Frydenberg are expected to ramp up their attack on Labor's proposed changes to negative gearing, capital gains concessions and franking credit cash refunds over coming weeks. Labor says the changes - which are forecast to save the budget about $200 billion over a decade - are carefully targeted and will cover the cost of income tax cuts and pay for increased spending in health and education. "The budget's a mess and net debt has doubled and gross debt is at record highs because of these unsustainable tax breaks which give the biggest benefits to those who need them least," Labor's finance spokesman Jim Chalmers said on Friday. Mr Morrison, who has promised to deliver a surplus budget in April, said he would not apologise for focusing on Labor's reforms during the election campaign.

He said he would also lay out his own policy plan over coming weeks and in the April budget. "I won't just say 're-elect us because we are good', that's not enough, and I understand that." A new Scope economic survey for The Sydney Morning Herald and The Age shows Australia's 18 leading economists believe the country faces a one-in-five chance of going into a recession during the next term of government - with many of the risk beyond the control of Australian policymakers - as "global financial markets enter a secular bear market phase". Mr Morrison spent the week in Queensland campaigning in marginal seats the Coalition fears could be wiped out in the May election. During a speech in Brisbane on Tuesday, Mr Morrison noted half of all Australians had not experienced a recession.