Federal Treasurer Wayne Swan has dismissed opposition calls for a mini-budget before parliament starts its long summer break.
He will rely instead on the traditional mid-year budget review, due for release before Christmas, to announce spending cuts.
The opposition argues the government will be unable to meet its promise of returning the budget to surplus in 2012/13 without spending cuts.
It also says Treasury's modelling for the carbon tax needs to be reworked.
Mr Swan says the government will find savings in the Mid-Year Economic and Fiscal Outlook (MYEFO) to offset the impact of global pressures on revenues.
"Savings are found in MYEFO generally as we go through that process and it's happened before," he told reporters in Canberra.
"It will happen in this MYEFO, and they'll all be announced in due course."
Opposition Leader Tony Abbott wants the government to present a mini-budget to parliament.
"Parliament should not rise without the government facing up to its failures," he told reporters.
Mr Abbott said Treasury modelling for the carbon tax was predicated on an international carbon pricing system comparable with Australia's by 2016.
"This clearly isn't going to happen," he said.
"If the modelling is wrong the compensation is wrong and the people are being ripped off."
Opposition climate action spokesman Greg Hunt told reporters the modelling collapsed after US President Barack Obama admitted his nation would not have a price on carbon by 2016.
"The carbon tax modelling is in tatters," Mr Hunt said, adding the modelling assumed the US, Canada, Japan and Korea would have a carbon tax by 2016, closely followed by India and China.
"These things are not happening. The tax is built on a fiction."
