Labor wants highest gains tax: PM

Prime Minister Malcolm Turnbull claims Labor's plan to reduce the discount on capital gains tax would result it being higher than any comparable country.

Labor has proposed reducing the capital gains tax discount from 50 per cent to 25 per cent.

"What they are saying is if you come to Australia to invest, seeking to make a capital gain, you will pay more tax than anywhere else. That's really going to create jobs, isn't it? That will drive jobs away," Mr Turnbull told parliament on Monday.

Shadow treasurer Chris Bowen asked the prime minister whether he could rule out any change to capital gains tax.

"Increasing capital gains tax is not part of our thinking whatsoever," Mr Turnbull replied.