Labor leads as PM urges long-term vision

Labor is heading for its biggest federal election win since 1983, but Scott Morrison warns voters will be choosing the economy's direction not just for the next term but the decade.

The prime minister launched a plan to create 1.25 million jobs over five years and eliminate net debt over the next 10, but the latest polls suggest he won't be around to see it.

If Labor's two-party preferred vote of 53 per cent is repeated at the upcoming federal election, it will be the party's biggest win since Bob Hawke's victory 36 years ago.

The coalition has clawed back two points to 47 per cent since Newspoll was last published in The Australian in December, but Mr Morrison warned voters not to risk putting Labor in charge.

"You'll be deciding the economy you and your families will live and work in for the next decade. The consequences will be real," he said in a speech in Brisbane on Tuesday.

Labor leader Bill Shorten told voters to expect more scare tactics from the coalition over the economy and security.

"Get used to the fact that an increasingly desperate government with barely months left in their term of office are going to start trying to scare people more and more," he told reporters in the marginal NSW seat of Eden-Monaro.

The prime minister flagged a plan to eliminate Australia's net debt within a decade, as he stressed the importance of avoiding economic pain.

"At this next election only half of those of voting age will have experienced a recession during their working lives," Mr Morrison said.

"So it is important to remind all of us that our economy cannot be taken for granted."

The coalition's primary vote is up to 37 per cent while Labor's is down three points to 38, the best Newspoll result for the government since Malcolm Turnbull lost the prime ministership in August.

Finance Minister Mathias Cormann said the upward trajectory would continue.

"As more people get to understand the impact on their lives of the two competing agendas, we believe that more Australians will decide to support us," he told Sky News.

But opposition frontbencher Brendan O'Connor warned the latest result was within Newspoll's margin of error.

Mr Morrison is visiting Queensland where a number of the seats held by the government - currently 21 out of 30 - are in doubt.

The trip comes after Mr Shorten spent nine days touring the state on his 'Bill Bus'.

Mr Morrison continues to lead Mr Shorten as preferred prime minister at 43 per cent to 36, but voter satisfaction levels with Mr Morrison fell two points to 40 per cent, while Mr Shorten's improved slightly.