Prime Minister Malcolm Turnbull says Labor's vow to keep the energy supplement is "desperate".
Draft laws to scrap the supplement for anyone who has become a new pensioner or allowance recipient since September 20, 2016 are currently before the parliament.
Axing it would mean a cut of $14.10 per fortnight to single pensioners or around $365 per year.
According to Labor leader Bill Shorten, the cut would affect more than 592,000 pensioners in the 2020-21 financial year alone, over the decade would impact 1.5 million people.
Mr Shorten says at a time of rising energy prices, the last thing pensioners need is a cut to their household budget.
Speaking in Townsville, Mr Turnbull says only the Coalition can keep power prices down.
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