In an interview with The Age on board his plane as he launched a blitz of Queensland marginal seats, Mr Swan said he had never coveted leadership because he, unlike many of his ambitious colleagues, did not have ''tickets on myself''.

''I believe I have reached where I want to be, which is a very important position,'' the Deputy Prime Minister said. ''I believe I can best serve the party by providing stability and continuity in a critical portfolio and I think that's important.''

Mr Swan said his view would not change if Labor lost power next weekend. A Labor loss would spark considerable internal ructions given the government's dramatic decision to toss out Kevin Rudd in favour of Julia Gillard. Asked if that would force a reassessment, Mr Swan replied: ''I'm not interested.''

In a broad-ranging interview, Mr Swan said he would not rule out giving personal income tax cuts next term if Labor was returned to government, but only if budgetary circumstances allowed.

He said he would not implement any of the more radical recommendations of the Henry review without first taking a proposal to an election.

Mr Swan said the world economic outlook remained fragile and troubling, particularly in the US and Europe, and the uncertainty meant local conditions could deteriorate. The government would not have huge funds at its disposal.

But a second term would see Labor ''broadening and deepening'' its reform agenda across a range of policy areas.

Mr Swan also flagged that a new term would see him devoting more attention to building relationships with industry, and pursuing a more ''grass roots'' style of being Treasurer.

''I spent a lot of my time in the last term dealing with macro issues and responding [to events] globally,'' Mr Swan told The Age.

If Labor was returned to power, he was looking forward to more time ''at the coal face'' - bedding down things that had begun in Labor's first term in office.