SHADOW treasurer Joe Hockey says the federal election won't be a battle involving big spending promises by the major parties because the "cupboard is bare".
Mr Hockey made the comment in a speech outlining the coalition's fiscal strategy ahead of next week's budget and the September election.
"I want to say this emphatically - we will not be engaging in an spending auction with the Labor party," he told a Master Builders Association function in Sydney on Tuesday.
"The cupboard is bare, there is no money left in the till.
"The coalition is focused on saving money, cutting unnecessary programs, cutting waste and ending mismanagement."
Mr Hockey said a coalition government would stabilise the budget in its first term and start paying back public sector debt.
It would reduce gross debt as a percentage of gross domestic product by borrowing less to fund its less expensive version of the national broadband network, while abolishing the Clean Energy Corporation and associated funding, he said.
It would also sell down $10 billion of mortgage backed securities on the balance sheet of the Australian Official of Financial Management as market conditions permit and offload Medibank Private and other appropriate commonwealth assets.
"We will balance the budget in headline terms and move into surplus as soon as it is practical," Mr Hockey said.
"We will have an audit of all government expenditure that insures we deliver more for less in a more efficient manner."
Mr Hockey said whatever Treasurer Wayne Swan announced on the May 14 budget night would be "meaningless", given previous budget forecasts had been wrong and promises made had not been met.
"After the confusion of the past five years, the treasurer must come clean with the Australian people," he said.
"I know I am setting him a ridiculous benchmark, but I think we expect honesty.
"Forecasts of revenue and spending must be soundly based and ... there must be no more money shuffling, no more raiding of dividends."
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