"They call us deficit deniers. But then they spend billions cutting taxes for the richest families and for the most profitable businesses. What they are is poverty deniers – they’re ignoring the growing queues at food banks," Corbyn said during his Trades Union Congress speech, adding that austerity was a political choice.
Corbyn, who staunchly opposes austerity, was elected Labour leader last week. The socialist politician has also been widely referred to as one of the most "rebellious" Labour members of parliament.
The Conservatives, who introduced a five-year austerity program in 2010 while in coalition with the Liberal Democrats, said they would reduce the national deficit by cutting welfare spending, departmental spending, as well as cracking down on tax avoidance.
The Tory government has faced opposition over the austerity measures since its victory in the May 7 general election.