By Heath Aston and political correspondent
Prime Minister Malcolm Turnbull has countered Labor's taunts that he is a prime minister without an agenda, saying the Coalition is "taking time" to consider its tax policy.
The tax battle will take centre stage again this week, with the opposition signalling its intention to pursue Mr Turnbull's perceived policy paralysis in Parliament.
On Sunday, Opposition Leader Bill Shorten said that, after 904 days of Coalition government, the best Mr Turnbull could come with was a "plan to have a plan".
But Mr Turnbull, who spoke at length to former prime minister John Howard about negative gearing over the weekend, said his government was taking the time that the ALP did not to consider all the consequences of tinkering with the tax mix, particularly in relation to property, the nation's single biggest asset class.
Mr Albanese said the government lacks "a sense of purpose".Credit: Alex Ellinghausen
"What John [Howard] says about being careful with tax policy is absolutely right. We're taking the time to analyse these issues very carefully and Labor clearly did not. They thought they would get political credit for a big announcement but without thinking through the consequences of what they have done," Mr Turnbull said.
"To administer such a big shock to the single biggest asset class is very reckless."
He said the Labor proposal on negative gearing - restricting tax relief on investment-related losses to new properties - would hit property prices and asa result "undermine the confidence of Australian families".
Still, Labor's line of attack appears to be working, with Mr Turnbull confirming over the weekend that the government would expedite the announcement of its election-year tax platform.
The Prime Minister, Malcolm Turnbull, in Melbourne on Saturday.Credit: Darrian Traynor
The Prime Minister and his cabinet had resolved to use the budget to outline expected changes to tax on superannuation and caps on negative gearing but May is now considered too far away, with the prospect of months on the back foot and Labor's negative gearing policy being the only one on the table.
The Prime Minister is also facing rising pressure from his backbench to settle on a tax plan and thinly-veiled criticism from former prime minister Tony Abbott who launched a 4000-word defence of his much-maligned government over the weekend.
Labor's Anthony Albanese said that, after nearly six months in charge, Mr Turnbull was little more than "Tony Abbott in a top hat" who may need a long election campaign to come up with an agenda of his own.
"They don't have an agenda or a narrative. They don't have any sense of purpose at all," Mr Albanese, the opposition spokesman for infrastructure, transport, tourism and cities, said of the rebadged Coalition government.
Mr Albanese said Mr Turnbull was at war with Mr Abbott.
"But that is not the big problem. The big problem is Malcolm Turnbull at war with himself. On climate change, on marriage equality, on actually funding public transport. On the Republic even. I think that people want conviction politicians. They want people to be able to stand up for what they believe in. Malcolm Turnbull is not the Malcolm Turnbull people thought they were getting," he said.
A double dissolution called a day after the budget remains a live option and Mr Albanese said the two-month election campaign that would follow could be useful for the Coalition
"I wouldn't be surprised if they actually needed a little bit more time to discover some policies and to discover that they actually are the government and start acting like it," he said.
Retiring Labor frontbencher Gary Gray said last week that the Bill Shorten-led opposition was "highly unlikely" to win this year's election, but Mr Albanese insisted it was "winnable".
"It is not the first time that a government leader has been ahead of an opposition leader [in the polls]. When you're the Opposition Leader, inevitably, you lose a bit of paint as you argue the case strongly," he said.