The major parties have kicked off the campaign going head-to-head over hip-pocket policies.

Labor has pledged making any price gouging by the supermarkets illegal, while the Coalition is promising its gas reservation policy would drive down power prices by the end of the year.

Both sides will spend the next five weeks trying to convince voters they have the better plan to bring down the cost of living.

• Guest: Katy Gallagher, finance minister and Labor campaign spokesperson.