LABOR tonight is rejecting the centre of the Government’s housing affordability plan as a “fizzer” which wouldn’t pay for a removalist letalone a first home deposit.

It will give new entrants into the real estate market less than $600 extra for their first purchase, the Opposition calculates.

Opposition Leader Bill Shorten will use his formal Budget reply tonight to accuse Prime Minister Malcolm Turnbull of “perpetuating a fraud on young people”.

The Labor leader will also reject a Budget proposal to end the two per cent deficit levy on annual incomes over $180,000. Labor is expected to vote with the Greens to keep the levy going.

Mr Shorten also will join the Greens charge that the Budget would hurt the young.

“Gen Y are Malcolm Turnbull’s public enemy number one. He’s increasing their uni fees, cutting their penalty rates and doing nothing to tackle housing affordability,” Mr Shorten is expected to say.

“Malcolm should end his war on young people and do something serious on housing affordability — like cracking down on the generous tax concessions for wealthy investors.”

He will target the Budget’s proposal for first home buyers to save for a first home deposit by contributing to an account similar to a superannuation account.

The tax concessions on those housing accounts would cost the Government $50 million in the first year and $250 million over four years, according to Budget documents.

Labor calculates that with an average of 89,000 first-home purchases across Australia each year, the assistance per sale is just $565.

“The Prime Minister’s great big plan for housing affordability is a massive fizzer for young people,” Mr Shorten is expected to say.

“This policy is a flop and a con. It’s there in black and white in Mr Turnbull’s budget.

“The money they get would barely cover a removalist truck, let alone a deposit on a house.

“The Liberals are perpetuating a fraud on young people. They know this will do nothing to help them — that’s why they’re spending hardly any money on it.”

In his speech Mr Shorten will endorse the Government’s proposal to tax the five wealthiest banks an extra $6 billion over four years.

But he will challenge the Government’s proposed tax relief for big corporations, which Mr Morrison today said would cost $15 billion a year in foregone revenue when fully implemented.

Mr Morrison wants the deficit levy on incomes above $180,000 a year to end on July 1 and, Labor calculates, give Mr Turnbull a $6750 benefit. Labor and the Greens will oppose it.