There's nothing wrong with seeking natural therapies, federal Labor insists.

But taxpayers won't be subsidising them if Bill Shorten becomes prime minister.

Shadow treasurer Chris Bowen announced on Friday that from July 1, 2017, taxpayer-funded private health insurance rebates would no longer be available for natural therapies.

The measure would save $180 million over four years, and $704 million over the decade.

Mr Bowen was quick to insist there was nothing wrong with seeking natural therapies like aromatherapy, herbalism or iridology.

"I myself use them from time to time - my personal favourite is the Bowen treatment, I can recommend it to you," he told reporters in Sydney.

"But in times of difficult budgetary situations, it is not appropriate for taxpayers to have to fund and subsidise private health insurance cover for these treatments."

The measure is part of a suite of cuts Labor announced on Friday.

Mr Bowen also announced Labor would continue the threshold freeze for private health insurance rebates for another decade to 2026, saving $2.3 billion.