Labor has accused the Liberal party of cutting funding to essential services as the battle for Bennelong heats up, while the coalition has declared Bill Shorten a threat to Australia's future .
Prime Minister Malcolm Turnbull rejected Labor's claims there would be cuts to university funding in next week's mid-year economic update, insisting there would be no reduction in the overall level of funding support for higher education from what was provided in the budget.
However, opposition treasury spokesman Chris Bowen's claims a vote for Liberal candidate John Alexander was a vote for cuts to much-needed services.
Speaking in Epping with Labor's Bennelong candidate Kristina Keneally by his side on Thursday, Mr Bowen warned voters of cuts to health and education planned by the coalition.
"If John Alexander can't look the people of Bennelong in the eye today and tell them how much they will cut Macquarie University then people are entitled to say, 'sorry Mr Alexander we won't be voting for you,'" Mr Bowen told reporters.
"Macquarie University is such an important part of the Bennelong community."
Ms Keneally once again accused the federal government of "China phobia" following the prime minister's criticism of outgoing Labor senator Sam Dastyari's questionable dealings with Chinese donors.
"One of the things that has alarmed Chinese people here in Bennelong is the prime minister's rhetoric," she said.
"It's extraordinary to me that a prime minister, who feels the fear in his heart that his government is at stake, has decided to embark on a China phobia campaign."
But Mr Turnbull hit back at "China phobia" claims from Ms Keneally and Mr Shorten, saying he was "particularly disappointed that they have sought to turn Australians against each other".
"We are the most successful multicultural society in the world, bar none," the prime minister said.
Mr Shorten also criticised Senator Dastyari for his "poor judgement" in dealing with Chinese businessman Huang Xiangmao and sacked him from leadership roles.
Mr Turnbull added fuel to the flames by declaring Mr Shorten was a threat to the nation's prosperity and future and that a vote for Ms Keneally would put the economy at risk.
"Everything he proposes will destroy investment, destroy jobs, undermine growth in the economy," Mr Turnbull told reporters in Sydney on Thursday.
"Bill Shorten is a threat to our future."
The fight for Bennelong has ramped up, given its significance to both parties, with Mr Turnbull facing a loss of his one seat majority in the lower house if Mr Alexander is defeated.
But the latest opinion poll suggests the Senator Dastyari saga could hurt Labor on Saturday.
A Fairfax Media-ReachTEL poll published on Thursday found half of the surveyed voters said the scandal would affect their vote in the by-election. A third of those voters said it would make them less likely to vote Labor.
The poll puts the Liberals ahead 53 to 47 per cent on a two-party preferred basis.
