· In short: The Coalition has unveiled a plan to cut total migration by 25 per cent during the first term of a Coalition government.

· Angus Taylor said that figure was consistent with Peter Dutton's remarks late last week that the Coalition would slash migration rates by 100,000.

· What's next? Treasurer Jim Chalmers says the Coalition needs to fully explain its migration plan.

The Coalition has revealed it will attempt to cut total migration rates by a quarter over four years, after Peter Dutton earlier flagged a drastic reduction to total migration to Australia by 100,000 in the first year of a Coalition government.

Mr Dutton used his budget reply speech last week to announce the Coalition would cut the number of permanent visas issued from 185,000 to 140,000 in year one if it were elected.

The opposition leader in a radio interview the next day said the government would also "bring back the net overseas migration to a figure of about 160,000", substantially fewer than the 260,000 forecast for next financial year.

Shadow Treasurer Angus Taylor on Wednesday insisted the newly released 25 per cent target was in line with Mr Dutton's comments on Friday, saying the heavy lifting would be achieved in year one.

But Mr Taylor did not detail how that figure would be reached.

In his post-budget address to the National Press Club on Wednesday, Mr Taylor said the target to reduce net overseas migration was set in an effort to ease pressures on the housing market.

"We simply do not have enough new homes. This is a mathematical reality. We cannot wish our way into more housing supply," he said.

"We think we can achieve net migration in Australia which is consistent with a level of housing supply that is realistic."

The Coalition has centred its response to the budget around migration and housing.

Mr Taylor said reducing net overseas migration, along with temporarily banning foreign investors and temporary residents from buying existing homes, and reducing foreign student numbers in metropolitan universities, would "free up well over 100,000 additional dwellings over the next five years".

Treasurer Jim Chalmers said the Coalition's explanation of its migration plan had become a "bin fire".

"The centrepiece of Peter Dutton's budget reply is now a smoking ruin because of Angus Taylor's speech," he said.

"He couldn't explain the migration numbers. This was the most shambolic appearance by a senior politician at the National Press Club in memory."

In 2022-23, net overseas migration was 518,000, almost double recent trends, as a result of a post-pandemic surge.

The government expects net overseas migration for this financial year to total 395,000, before falling to about 260,000 next financial year.