PM plans to introduce omnibus bill containing all the Coalition’s proposals Labor said it would support during election campaign

Malcolm Turnbull has declared that the new parliament will be a test of Australia’s political system to make the right calls “on the nation’s behalf”.

The prime minister says the 45th parliament is about to preside over a worrying time in history, with the rise of populism and a growing sense of disenfranchisement among voters. He says the federal government, opposition and crossbenchers owe it to Australians to make the parliament work.

In his first major economic address since the election, Turnbull will urge his political opponents on Wednesday to pass Coalition policies for the good of the economy in coming years, saying: “This is not, and should not be, about ideology.”

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He will say he plans to introduce early in the new parliament an omnibus bill that pulls together all of the Coalition’s savings measures that Labor said it would support during the election campaign. That will help the government reduce the budget deficit by billions of dollars, he says.

“I note that since the election Bill Shorten has said, ‘Labor is going to be constructive, we are going to be positive,’” Turnbull says in speaking notes seen by Guardian Australia.

“A genuine commitment by Mr Shorten to bipartisan support for a responsible approach to the budget can help deliver positive results for the broader Australian community. We will take him up on that.

“We are ready to reach across the aisle. But Labor must be prepared to bring an open mind and some fiscal rationality to any discussions, as well as a commitment to support spending reductions they have already said they will back.

He says the budget bottom line that Labor outlined during the election campaign relied on more than $6bn in Coalition savings that it has not reversed.

“And this is after Labor’s earlier multibillion dollar backflips: $3.6bn on the pension assets test and $4.5bn on the Schoolkids bonus,” Turnbull says. “We will work constructively with Labor and the crossbenches to pass these measures.”

He also urges his political opponents to pass his $48bn company tax cuts, saying they are “the right policy response” for the conditions Australia faces and will help to encourage investment.

Speaking to the Committee for Economic Development of Australia in Melbourne, Turnbull will also say we are looking out on a global economy “perhaps more fragile than at any time since the financial crisis almost a decade ago”.

He will warn protectionism and inward-looking policies “are starting to gain a foothold”, and say we must not allow our politics to destabilise things further.

“Political divisions in advanced economies – particularly where there is high unemployment or a high risk of unemployment – are feeding on a sense of disenfranchisement among many people who feel the rapid economic changes of our time have left them behind,” he will say.

“Political responses to this mood of disaffection can have the potential to destabilise global growth, perhaps even reversing some of the spectacular gains we have made over recent decades through open markets and free trade.”

He says he intends to proceed with all of the commitments in the Coalition’s May budget because it was a “carefully considered roadmap” for prudent fiscal management that would deliver Australia’s future economy security, if Labor supported it.

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He says one of the first things he will do in the new parliament is present two vital pieces of legislation . The first will “restore the rule of law to the construction industry” by re-establishing the Australian Building and Construction Commission, and the second will ensure that registered organisations, unions and employer organisations have to comply with the same standards of governance and accountability as company directors

“These bills will be presented to the parliament again as soon as we return and we are seeking the support of the Senate crossbench to secure their passage,” Turnbull says.

On Tuesday the Coalition criticised Labor for rejecting its request to “pair” votes in the new parliament, saying Labor was taking a “malicious” approach to its role in opposition.

But Labor accused the Coalition of overreacting. It said Turnbull had claimed he had a working majority so no arrangement should be necessary.