Prime Minister Scott Morrison says Australia risks tumbling into a damaging recession under a Labor government, in a new pre-election strategy that also promises to eliminate $350 billion in debt and revives a jobs pledge once championed by Tony Abbott.

In a major speech that paints a dark picture of the economy under Opposition Leader Bill Shorten, Mr Morrison will on Tuesday pitch the battered Coalition as a "jobs government" and vow to oversee the creation of 1.25 million new positions within five years if re-elected in May.

Prime Minister Scott Morrison has urged voters to consider the economy when they cast their vote at the May election. Credit:AAP

"At this next election only half of those of voting age will have experienced a recession during their working lives," Mr Morrison will say in Brisbane.

"So it is important to remind all of us that our economy cannot be taken for granted. That the economy is real, its impacts are real, and mostly importantly it’s all about people."