Treasurer Josh Frydenberg and his Labor counterpart, Jim Chalmers, are currently in the midst of a debate at the National Press Club.

The Shadow Treasurer has accused Mr Frydenberg of lying about the two parties' approach to taxation.

Mr Frydenberg said Labor would "always tax more" than Liberal governments.

"It is a very different approach between us and the Labor Party and the Australian people need to know it," he said.

"We are prepared for the discipline of a tax-to-GDP cap at 23.9 per cent. They are not. They took to the last election $387 billion of higher taxes, something that Jim said at the time he was proud and pleased of... that's not good enough.

Mr Chalmers then hit back at Mr Frydenberg's argument.

"The Treasurer has just lied to you," he said.

"In every way that you measure tax in the budget, this Government has taxed more than the last Labor Government, that's just a fact.

"They have taxed more in total, they have taxed more as a share of GDP, they have taxed more per person and they have taxed more adjusted for inflation. So that's a lie and we need to call it out when we see it."