The opposition leader used his first budget reply speech on Thursday night to attack the Albanese government’s budget for not providing adequate cost of living measures at a time of rising inflation and electricity costs.

He said the government had reneged on key election pledges to lower electricity bills by $275 a year.

“Labor’s scratching around for opportunities to try and give themselves cover to get out of their promise,” he told the ABC’s 7.30 program.

“The problem is, as Labor finds out when they get into government, they can’t manage the economy and they certainly can’t manage electricity and gas prices. They’ve raised a white flag.”

The budget provided forecasts retail electricity prices will increase by more than 50 per cent during the next two years, while retail gas prices will go up by 40 per cent.

Labor pitched its first budget as being responsible, providing targeted cost of living measures without adding to already decades-high levels of inflation.

Mr Dutton said more gas supply needed to be brought into the energy market to ensure power prices stay down, as well as allow for “a debate” on allowing some levels of nuclear energy into the grid.

“I don’t want to see families going without power, I don’t want to see businesses have their power supply disrupted,” he said.

“We need to bring more (gas) supply into the market. I think most economists recognise that.”

The opposition leader used Thursday’s speech to further back controversial stage three tax cuts, scheduled to take effect in 2024.

While the policy, legislated by the former coalition government, had been criticised as providing tax cuts to wealthy Australians, Mr Dutton said it would provide further financial relief to millions of Australians.

“You should keep more of what you earn, hard working Australians should be rewarded. The best reward for hard work is lower taxes,” he said.

Mr Dutton also reiterated the coalition’s support of a scheme where first home buyers could access their superannuation to purchase a property.

The speech did contain support for cost of living measures in the budget such as lowering medicine costs and expanding parental leave, but Mr Dutton said the support should have gone further.

“By Christmas, a typical family will be $2000 worse off under this budget, and you have every right to be anxious and disappointed, the prime minister has broken faith with you,” he said.

“It’s a budget which breaks promises rather than keeps them, a budget which weakens Australia’s financial position rather than strengthens it and a budget which adds to rather than alleviates your cost of living pressures.”