The prime minister and opposition leader will go head-to-head on Tuesday night at a Sky News forum in western Sydney, facing questions from 100 undecided voters as the impact of Donald Trump's tariffs loom large.
Stock markets around the world have plummeted following the announcement of the US impost on major trading parties' goods, triggering fears of an impending global recession.
Prime Minister Anthony Albanese says while the domestic economy has turned a corner in recent months, the risks in global markets mean it's not the time for a change in government.
"We're not immune from the impacts of the global economy, but what we have shown consistently is the preparedness to act for the times, to provide support for people," he told reporters in Sydney on Tuesday.
"We are in uncertain times, but I'm absolutely certain this is not the time to cut ... now is the time to manage the economy responsibly."
The prime minister did not rule out the possibility the Australian economy could go into recession, but he said budget repair work was already under way.
While the decision by the US president to impose 10 per cent tariffs on Australian exports did not make sense, the government was dealing with it responsibly, he said.
"Because (the US is) the world's largest economy, (tariffs have) implications for the global economy," Mr Albanese added.
"What we are doing is preparing for that. We want to make sure that ... the impact of this is minimised."
Opposition Leader Peter Dutton is using the uncertainty to push his economic credentials, arguing the prime minister hasn't done enough to press the case for a tariff exemption.
"Whether there's a broader war in Europe, whether we're talking about some conflict in the Middle East or elsewhere ... or a shock to the stock market, the Australian prime minister needs to deal with whatever is coming our way," he told ABC TV.
"The problem with our prime minister now is that he's just too weak and too slow to respond to these issues and to act in our country's best interests."
The first debate comes a day after the opposition backtracked on plans to ban public servants from working from home following voter backlash.
Mr Dutton again admitted his mistake over the policy, saying the reversal would allow other issues to take centre stage on the campaign trail.
"It allows us now to concentrate on what issues are important at this election and I think helping families, helping small businesses, helping our economy grow, I think all of that's important," he said.
"I want to make sure that we can help families find some headspace, some breathing space, and I want to make sure that we can help families get through what's been a really tough three years."
The latest Newspoll showed Labor stretching ahead, leading 52 to 48 per cent on a two-party preferred basis.
A separate Roy Morgan poll suggested Labor was on track to be re-elected with an increased majority, leading 53.5 to 46.5 per cent.
But the outcome remains far from certain with a hung parliament still in play.
Meanwhile, the Parliamentary Budget Office has costed the Greens' signature policy to include dental treatment for adults in Medicare - a proposal it plans to highlight in any negotiations with Labor if there is a minority government.
It estimates that the plan, if implemented from July 1 as proposed, would cost the federal budget a cumulative $45 billion - or around $15 billion a year - over the three financial years to the end of 2027/28.
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