Shadow treasurer Chris Bowen believes there should be a decade-long strategy to fix the budget.

As Treasurer Joe Hockey finalises his May 12 budget, his Labor counterpart says he would take the advice of Reserve Bank Governor Glenn Stevens and former Treasury Secretary Martin Parkinson that there shouldn’t be a “head-long rush” to get back to surplus in the next couple of years.

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“It wouldn’t be possible or feasible, nor would it be advisable,” he told Sky News on Sunday.

Mr Bowen also said his party was ready for an election this year if Prime Minister Tony Abbott calls an early poll.

Although Mr Abbott says he wants to go the full three-year term there is speculation he intends to call a vote this year and Mr Bowen said Labor is ready for anything.

“If the prime minister is so panicked that he wants to call an election this year and he thinks that’s a sensible strategy, we’re ready,” he said.