Malcolm Turnbull is gearing up for an election campaign based on Labor forcing down home values, as the opposition accused the prime minister of misleading parliament.
Mr Turnbull and Labor leader Bill Shorten on Tuesday traded blows as the opposition sought to censure the prime minister over his comment on Monday that changing capital gains tax was "no part of our thinking whatsoever".
Later on Monday, journalists were briefed that the government was still looking at the broad issue of capital gains tax.
The prime minister said on Tuesday that Labor was verballing him, as his comment came in the context of answering a specific opposition question about capital gains tax for individuals.
But he turned up the heat, telling parliament a Labor government would "crash housing prices".
The opposition's policy to cap negative gearing and wind back capital gains concessions on housing would "represent a very significant shock to the largest single-asset class in Australia", Mr Turnbull said.
Weaving it into an election theme, the Liberal leader likened it to previously failed Labor policies such as pink batts and suspending the live cattle trade.
"This is yet another example of the recklessness and the danger of a Labor government," Mr Turnbull said.
Mr Shorten told the Labor caucus on Tuesday the government would attempt to "throw the kitchen sink" at the opposition before a possible double dissolution election in July.
"It's a sort of almost an anti-Mabo style campaign where, you know, the Hills Hoists are going to lose to land claims ... Labor under the bed," he said.
In parliament, Mr Shorten seized on a comment by Mr Turnbull that the government was "looking at the entire superannuation system" in its review of taxation.
"He thinks the Australian dream is the ability to negatively gear your seventh house," Mr Shorten said.
"Let me just say to this prime minister of this out-of-touch government - the great Australian dream is to be able to get your first house."
The debate came as Labor sided with Senate crossbenchers opposed to a government move to change the voting system, which most likely would cost them their seats.
The coalition will now need Greens support to pass the laws which would enable voters to cast preferences "above the line" on the Senate ballot paper and end secret preference deals.
Two of the coalition's closest crossbench allies, Family First senator Bob Day and the Liberal Democrats' David Leyonhjelm signalled they could reject government legislation while Mr Turnbull pressed on with the vote system changes.
"What they are saying is: we want to pull up the drawbridge behind us and make sure no one else can get in - I can't see how that's good for democracy and nor can I see how a risk of coalition majority is good for the Australian nation," Labor senator Penny Wong said.
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