Fresh off the third leaders' debate, Opposition Leader Peter Dutton pledged to spend $21 billion over the next five years on defence, lifting the outlay to 2.5 per cent of Australia's gross domestic product.
The level of defence spending as a percentage of Australia's economy would then rise further to three per cent within the decade.
While the coalition said it would use the money to reinstate a fourth joint strike fighter squadron, it did not say where else the funding would go.
Mr Dutton said the extra spending on defence was needed in uncertain times globally.
"The prime minister and the deputy prime minister regularly tell Australians that we live in the most precarious period since the end of the Second World War," he said.
"Yet, over the last three years, Labor has done nothing about it.
"The coalition will strengthen the Australian Defence Force and support our servicemen and women to keep us safe today and into generations ahead."
Asked how the coalition would fund the increased spending, opposition defence spokesman Andrew Hastie said costings would be released in due course and refused to say whether cuts would be needed in other areas.
"But we will make the investments as necessary, and we're going to grow the economy as well," he told ABC Radio on Wednesday.
Defence Minister Richard Marles said the Liberals couldn't be trusted on the pledge.
"There's no explanation of how the money is being raised, there's no explanation of where the money is being spent," he told Sky News.
"Plucking a number out of thin air without explaining how you're going to raise that and what you're actually going to spend it on - that's not defence policy."
Labor's current spending trajectory is for the defence outlay to rise from two per cent of GDP to 2.4 per cent by 2034.
With just 10 days to go until the May 3 federal election and Australians already casting early votes, time is running out for both parties to detail their plans.
Despite being one of the coalition's most senior frontbenchers, Mr Hastie has scarcely been seen on the election trail, except for appearing alongside Mr Dutton to announce a plan to bring the Port of Darwin back into Australian hands.
Speculation abounded that the former SAS soldier was intentionally being kept out of the spotlight after a candidate was disendorsed for his comments that women should not be allowed to serve in frontline defence roles.
Mr Hastie has previously shared similar views and was asked if he now believes women should serve in combat roles.
"The coalition has a strong position and that is that all combat roles should be open to men and women," he said.
Mr Dutton and Prime Minister Anthony Albanese earlier clashed at the third leaders' debate in Sydney, with the opposition leader declared the narrow winner.
Both leaders accused each other of lying during the hour-long head-to-head, with Mr Albanese emphasising a need for stability amid global uncertainty, while Mr Dutton warned of worsening economic conditions should Labor be re-elected.
Labor on Wednesday pledged $78 million in funding to fast-track training for 6000 tradies to build homes.
The funding will set up an advanced entry trades training program to help those training for work get qualifications they need faster.
Mr Albanese will begin the day campaigning in Sydney, while Mr Dutton will be in Perth.
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