Anthony Albanese is set to announce on Friday that Australians will go to the polls on May 3, after he makes an early morning visit to Governor-General Sam Mostyn.

The prime minster’s timing means Thursday night’s budget reply from Opposition Leader Peter Dutton will be quickly overshadowed. A day of Senate estimates scrutiny of the budget will be also be scrapped.

In his budget reply, Dutton announced a raft of proposed spending cuts and several new measures. The one big handout, a year-long halving of the fuel excise rate, had been foreshadowed ahead of the speech.

Dutton announced a Coalition government would introduce a National Gas Plan to secure a domestic supply of gas, and invest $1 billion in a Critical Gas Infrastructure Fund.

The gas plan would be aimed at ensuring the local supply, putting downward pressure on prices in the medium term.

Meanwhile, Dutton’s proposal to cut the excise on petrol and diesel came under sharp attack on Thursday from the government.

The excise plan is the opposition’s counter to the government’s $17 billion tax cuts announced in Tuesday’s budget, which were rushed through parliament on Wednesday night. Dutton said the “so-called tax cut ‘top up’ is simply a tax cut cop-out”.

Other Coalition initiatives announced by Dutton include a new target of 400,000 apprentices and $400 million for youth mental health.

A Coalition government would cut Labor’s $20 billion Rewiring the Nation Fund, the $10 billion Housing Australia Future Fund and the $16 billion production tax credits. It would also reverse the 41,000 increase in Canberra-based public service.

In his speech, Dutton declared the election was “as much about leadership as it’s about policy”.

“The choice is clear at the next election,” he said, declaring he would be “a strong leader and a steady hand – just as John Howard was.

"I will make the tough decisions – not shirk them. I will put the national interest first. I will lead with conviction – not walk both sides of the street.”

He said he had “real life experience”, pointing to his police force service and time as a small business owner. He was “someone who came from a working-class background and knows the value of hard-work and the aspiration that drives Australians.”

Dutton declared the Coalition would “provide the moral and political leadership needed to restore law, order, and justice”.

“Under Labor, you will get the same weakness of leadership that has compounded crime and emboldened antisemitism on our streets,” Dutton said.

He said that “All too often, this prime minister is too weak, too late, and too equivocal”.

Homing in on the energy issue, Dutton said “under the Coalition, energy will become affordable and reliable again”.

He said “the only way to drive down power prices quickly is to ramp-up domestic gas production.

The Coalition would "prioritise domestic gas supply, address shortfalls, and reduce energy prices for Australians”.

“We will immediately introduce an east coast gas reservation.

"This will secure an additional 10% to 20% of the east coast’s demand – gas which would  otherwise be exported.

"Gas sold on the domestic market will be de-coupled from overseas markets to protect Australia from international price shocks.

"And this will drive down new wholesale domestic gas prices from over $14 per gigajoule to under $10 per gigajoule.”

The Coalition’s investment of $1 billion in a Critical Gas Infrastructure Fund would increase gas pipeline and storage capacity:

“We will put in place ‘use it or lose it’ stipulations for gas drilling companies – so offshore gas fields are not locked-up for years.

"And we will ensure we will have a fit-for-purpose gas trigger to safeguard supply.

"This plan will deliver lower wholesale gas prices which will flow through the economy.”

Dutton said this election was “sliding doors moment for our nation”.

“A returned Albanese government in any form won’t just be another three bleak years. Setbacks will be set in stone.”