REPORT: The Turnbull government is planning an all-out assault on Labor's negative gearing policy

(Photo by Ian Waldie/Getty Images)

With an election date of July 2 firming as a possibility, the Turnbull government will be ramping up its attacks on Labor’s negative gearing policy in the coming weeks as it prepares to unveil its own tax reform proposals through the budget in May.

Coalition minister Peter Dutton said yesterday he believed the economy would come to a “shuddering halt” and “the stock market will crash” under Labor’s negative gearing changes, which would restrict the use of the tax concessions to new homes only.

The opposition has described Dutton’s remarks an “outlandish scare campaign”.

The AFR reports this morning that the government will continue its attack on Labor’s plan, with a Coalition official quoted as saying “We haven’t got started yet” with their attacks on changes to negative gearing.

The government’s own tax reform plans remain unknown, although it is known to be considering a commitment to reducing the corporate tax rate over an extended period and paring back superannuation tax concessions.

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