Treasurer Scott Morrison will deliver his first budget on May 3, and Mr Turnbull said it would be financially conservative.
"This budget will not be about a fistful of dollars, it will be about prudence, fairness and responsibility to our future generations," he told the Victorian Liberal Party conference in Melbourne.
"Governments at all levels, and all Australians concerned for the future economic security of our country have to accept the reality that we must live within our means."
Mr Turnbull said the election — expected to be a double-dissolution poll on July 2 — would be about which party Australians trusted to steer the economy.
"We are at a pivotal moment in our history as we transition from an economy that has been fired up by an unprecedented mining construction boom, as we transition to the new economy of the 21st century," he said.
"In this election year there is only one central issue: whether we complete our transition to the new economy or we allow Labor to kill off that opportunity."
Mr Turnbull confirmed the budget would include tax changes, after the Government previously said it would not touch areas including negative gearing or the GST.
Deputy Labor leader Tanya Plibersek said the budget would resemble the Abbott government's 2014 document.
"What they've got left is Joe Hockey and Tony Abbott's 2014 budget. It's back to cuts: further cuts in health, further cuts in education, further attacks on the pension and family tax benefit," she said.
"This is a Government with no plan for Australia's economy." [abc]
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