The new administration earlier noted its key economic and welfare policies may cost up to 178 trillion won ($158.9 billion) over the new president's single five-year term.

Moon is also expected to renew his call for bipartisan efforts to deal with North Korea.

Pyongyang has staged 10 missile tests since Moon came into office. Pyongyang also conducted its sixth and most powerful nuclear test so far in September.

The president earlier proposed creating a permanent consultative body on security issues, involving all major political parties, the government and the presidential office Cheong Wa Dae.

The main opposition Liberty Korea Party rejected the idea, calling it an attempt to put on a public show.

The ruling party currently holds the largest 121 parliamentary seats, the largest number held by any single party but far short of a majority in the 300-seat parliament.

The Liberty Korea Party controls 107 seats, while three minor opposition parties hold a combined total of 66 seats. (Yonhap)