The Federal Government has sent a warning to Labor saying its policy costings could lead to higher taxes.

Finance Minister Mathias Cormann is expected to release government figures showing the cost of Labor’s recent policy announcements.

Its opposition to certain government spending cuts could cost the federal budget about $57 billion during the forward estimates, he said.

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Speaking on Fairfax Radio on Monday, Treasurer Scott Morrison said Labor’s proposed savings measures were “so modest…you can barely find it”.

“Labor just wants the tax system to chase their higher spending,” Mr Morrison said.

He said he wanted to encourage people to “work, save and invest” and flagged potential changes to marginal tax rates.

“The tax system isn’t there to meet the government’s spending aspirations – it’s there to unblock Australia’s economic aspirations,” he said said.

But Labor dismissed the attack on its fiscal responsibility, saying it had policies to crackdown on multinational tax avoidance and superannuation tax concessions.

“The government likes to exaggerate the circumstances,” senior Labor frontbencher Anthony Albanese told ABC radio.