Lower power prices and a greater focus on artificial intelligence will form the backbone of the coalition's economic policy as it tries to curry favour with voters six months on from its landslide election defeat.
Shadow treasurer Ted O'Brien used a keynote speech to the National Press Club on Wednesday to outline his financial priorities, describing a new focus on "intergenerational equity".
He said the Liberal Party was taking the time to learn lessons from its election defeat, while also arguing younger Australians were missing out on economic opportunities.
"The generation before you builds your foundation; then you build on it for the next generation. That is the intergenerational compact," he said.
"But that intergenerational compact is breaking."
In a bid to restore balance to the federal budget, Mr O'Brien reiterated the coalition's promise to restore a Howard-era measure limiting government spending.
He also used the speech to argue artificial intelligence presented an "enormous opportunity" to grow the economy and boost productivity across the nation.
"AI leadership in South East Asia is up for grabs, and we should take it," Mr O'Brien said.
"We should participate across the supply chain so we can be AI makers, not just takers.
Mr O'Brien said Australia was well-placed to lead the global charge on AI because of its stable institutions, proximity to markets in South East Asia, skilled workforce and close relationships with allies including the United States.
Previously the opposition's chief advocate for nuclear power, Mr O'Brien said Australia needed to consider the energy source to meet the demands of AI, data centres and other growing technologies.
He also suggested energy-intensive "economic development zones" could be built in regional areas, hosting "clusters" of critical AI infrastructure.
Outlining broader economic principles, Mr O'Brien reiterated the coalition's pledge to slash personal income taxes if it wins the next federal election, but declined to answer when asked who would benefit.
Fellow Liberal frontbencher Andrew Bragg said middle and high income earners should be the main beneficiaries of the changes.
"Frankly, lower-income earners often don't pay a whole lot of tax in this country," he told reporters in Canberra on Wednesday.
Senator Bragg said the opposition needed to unveil policies sooner rather than later, so the party has time to sell them to voters.
"We need to be looking at pushing policies out over the next 12 months," he said.
"We can't be leaving it all to the last minute."
Treasurer Jim Chalmers lambasted the push to bring back formal budget rules.
"The coalition's fiscal rules were not worth the paper they were written on," he said at a press conference in Parliament House.
"All they delivered was deficits."
