Hitler moustaches, devil horns and the words "right wing facist (sic)" have been appearing on posters of Treasurer Josh Frydenberg in his Melbourne electorate of Kooyong.
And more Nazi-inspired graffiti appeared on a number of posters of the Jewish MP in Hawthorn overnight.
Prime minister Scott Morrison told reporters on Saturday the vandalism was "appalling", and called for anyone with information about the matter to cooperate with authorities.
Josh Frydenberg in Parliament.
SBS News
"This is about crimes and hate ... this should have no place in our elections, absolutely no place," Mr Morrison said.
Mr Frydenberg tweeted his abhorrence to the "cowardly and criminal act" and said the incident was "about a broader and disturbing trend in society of anti-semitism and intolerance".
The latest act of vandalism in Kooyong using Nazi symbols on a billboard of mine is an insult to every victim of the Holocaust and Australian servicemen and women who fought against Nazi tyranny".
The treasurer said Holocaust Remembrance Day was this week, and the vandalism "shows how ignorant the perpetrators are of the horrors of history".
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Mr Frydenberg's mother was a Hungarian Jew who arrived in Australia as a stateless child. His father is also Jewish and emigrated from Poland.
Dr Dvir Abramovich, Chairman of the Anti-Defamation Commission, said the "escalating virus of intolerance has to stop".
"We deplore these ugly actions for what they are: a repulsive and hateful assault on our democratic system and on our core principles," he said in a statement.
