New Opposition Leader Malcolm Turnbull has been accused of being economically irresponsible, after making $20 billion worth of promises in just 20 minutes.
Wayne Swan says he tallied up the numbers during Mr Turnbull's first speech in the Liberal's top job.
The Treasurer has told Parliament while none of the announcements were new, it shows poor economic leadership.
"The leader of the Opposition spent $20 billion in a 20 minute press conference."
"He wants to raid the (budget) surplus to the tune of $6 billion and then he recommitted to a whole set of spending requirements which have been outlined by the previous leader of the Opposition."
However Mr Turnbull used his first question in parliament as Opposition Leader to push the Prime Minister on economic policy.
The former Shadow Treasurer has been elevated to Liberal leader, after beating Brendan Nelson by just four votes in a snap party room ballot.
Mr Turnbull has been critical of the Government's economic management, and has pledged to hold them to account as leader.
“What concrete action is the Prime Minister now taking to further strengthen the Australian economy and, in particular, the financial sector in response to the bankruptcy of Lehman Brothers investment bank?” he asked as his first question as Opposition Leader.
Speaking at his first media address earlier this morning, Mr Turnbull attempted to clearly outline the difference between the Coalition and Labor.
"Australia can do anything," he said
"But we need to have confidence, we need to have leadership, we need – above all – to have the opportunities to do well.
"And that is the great difference between our side of politics and leadership.
"Because we believe that government’s role is to enable each and every Australian to do their best.
"Labor believes government knows best. We are not so vain as Mr Rudd."
The Member for Wentworth, in Sydney's Eastern Suburbs, was eager to point out he doesn't come to the leadership from a position of privilege.
“I know what it’s like to be very short of money,” the 53-year-old said.
“I know what it’s like to live in rented flats. I know what it’s like to grow up with a single parent, with no support other than a devoted and loyal father.
“I know Australians are doing it tough.”
10:20 AM
Malcolm Turnbull is the new federal Opposition leader after winning a surprise leadership ballot 45 votes to 41.
Julie Bishop has won the position of deputy leader unopposed.
Outgoing Liberal leader Brendan Nelson left the party room without speaking to the media.
He walked into his offices where he is expected to spend the rest of day making way for Mr Turnbull and his staff.
Dr Nelson called the surprise leadership spill at a party meeting last night.
He announced the ballot to the amazement of colleagues and almost immediately he gained support from Peter Costello, who said he deserved a clean run.
Some pundits have even suggested it was Mr Costello's idea to force the leadership spill in an attempt to wrongfoot Mr Turnbull.
But this morning the Member for Wentworth won over the partyroom, after losing to Dr Nelson by just three votes last November.
One of Mr Turnbull's Michael Ronaldson said it was a good result.
"The party can now move forward, Malcolm will lead the party with vigour and strength," he told reporters,
Christopher Pyne said: "It's a terrific result for the party."
But Liberal stalwart Nick Minchin says Dr Nelson deserved more time as Liberal leader.
Senator Minchin says he voted for Dr Nelson but will work hard to ensure Mr Turnbull becomes prime minister in 2010.
But with this morning's vote again close, it leaves the question of party unity still unresolved.