Albanese spoke at the National Press Club on Wednesday afternoon, saying a Labor government would inherit the "worst set of books" of any government elected since Federation.  

He unveiled a plan to reduce uncommitted funding in the Community Development Grants Program by $350 million, and to return the $400 million Regionalisation Fund back into the budget.

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"These two decisions, alone, will repair the budget by $0.75 billion," Mr Albanese said.

"If I have the honour of serving as Prime Minister, it will be my mission – and my responsibility — to ensure that every dollar spent in the budget is used to drive the productivity growth."

"We need to pay down Liberal debt, and to deliver meaningful quality-of-life improvements for all Australians."

"This announcement today is the start of repairing the budget and cleaning up the mess that we'll inherit if we're successful on Saturday."

Recent Community Development Grants Program commitments by the Coalition government include $15 million for a Hawthorn Football Club community centre, a park redevelopment at Fern Tree in southern Tasmania, a $1 million grant for the Eternal Flame at the Darwin Cenotaph, and $12.5 million towards the Manly Sea Eagles' Centre of Excellence.

Progressive think-tank The Australia Institute released an analysis late last year that found $3.9 billion spent through federal grants programs — including the Community Development Grants Program — was skewed towards marginal Coalition seats at the expense of safe Labor seats and safe Coalition seats.  

The savings measures outlined by Mr Albanese during his address provide an insight into how Labor intends to pay for its policies if elected.

Labor has been under pressure to release costings for its election policies in recent days and is expected to provide those details on Thursday, just two days before polling day.

Story By | Alexandra Humphries