Malcolm Turnbull says no to an early election

Prime Minister Malcolm Turnbull has ruled out an early election, saying it will be in the first half of next year.

And given the latest Newspoll, that's hardly surprising.

"I can assure you there is no plan, intention, or discussion (about an election this year)," the prime minister told a business summit in Sydney today. 

But he didn't accept the moderator's invitation to "cross your heart". 

"It will be in the first half of 2019," Mr Turnbull said.

The Newspoll, published in The Australian newspaper on Monday, showed the government trailing Labor by 53 to 47.

Significantly, Mr Turnbull's lead over Bill Shorten as preferred prime minister has been cut to just two points, a stunning decline after leading by 14 last month.

It's the 28th Newspoll in a row the Coalition has been behind.

One of the reasons Malcolm Turnbull cited to overthrow Tony Abbott was the fact they trailed the Opposition in 30 bad polls.

But the prime minister today said he has also used a staggering economy as a reason as well, and his policy of "jobs and growth" was working.