27/08/2016 10:49 AM AEST | Updated 27/08/2016 11:55 AM AEST

Turnbull Says Budget Repair 'At The Top' Of Government Agenda

The Prime Minister has made a major speech in Brisbane.

Stringer . / Reuters
The PM has been talking up the government's economic credentials.

Prime Minister Malcolm Turnbull has put economic management at the top of the list for his government's next term in government, describing his agenda for the 3 years ahead as ambitious.

Speaking in Brisbane, Turnbull said putting a dent in the bugdet deficit would be highest priority for his government as the 45th parliament prepares for its first sitting week on Monday.

"My government has an ambitious agenda for the next three years because we are focused on these important issues, and are not distracted by the periphery, we can deliver," Turnbull told Liberal faithful.

"We will pursue an ambitious agenda that addresses concerns of Australians. We have a long list, with budget repair at the top."

In one of his first major speeches since the coalition's election win, Turnbull maintained his line on pushing Labor to back an "omnibus bill" that contains billions of dollars worth of saving measures.

He also stayed upbeat about negotiating with the crossbench, which has ballooned in the new senate.

"We have had constructive discussions with all of the crossbenches, and we are confident we can find common ground in order to achieve our objectives," Turnbull said.

His comments come as Treasurer Scott Morrison issued a blunt economic warning this week, laying the groundwork for a fight over budget repair ahead of parliament's return.

"Our debt now stands at around $430 billion, with interest payments at $16 billion this year, now one of the largest line items in the budget and growing," he said on Thursday.

The Treasurer also warned gross debt would exceed $1 trillion in a decade under a worst case scenario in the Senate.