Labor is sliding in the polls after Bill Shorten backtracked on his decision to repeal company tax cuts but he insists he won't be distracted.
The coalition has narrowed the gap with Labor by one percentage point, with the opposition leading 51 per cent to 49 per cent on a two-party preferred basis, according to Monday's Newspoll in The Australian.
Malcolm Turnbull said Mr Shorten's "belly-flop" on company tax had proven he deserved the "unbelieva-Bill" title the coalition is using to attack him.
"How could any Australian business or any Australian taxpayer have any confidence that anything he says could be believed," the prime minister told reporters in Sydney.
The poll also shows Malcolm Turnbull continues to lead the opposition leader as the preferred prime minister, 46 per cent to 31 per cent.
But Mr Shorten is determined not to weigh in on the slide in Labor's support, vowing to win the election by presenting a positive policy agenda.
"My job is not to get into the trap of arguing about every little personality issue, but instead to focus upon the policies which affect people," Mr Shorten told reporters in Gosford.
The poll comes after Mr Shorten was forced to retreat on his "captain's call" to repeal tax cuts for companies with turnover between $10 million and $50 million if Labor wins the next election.
He said the party had reached the right outcome in the end, but was adamant his economic team originally thought $10 million was the right threshold.
Of those polled, 52 per cent supported Mr Shorten's initial promise to wind back tax cuts for businesses with turnover between $10 million and $50 million if Labor is returned to government.
Some 37 per cent were opposed.
Meanwhile, Mr Shorten's approval rating dipped a point to 32 per cent, while dissatisfaction with the leader jumped two points to 57 per cent.
In contrast, Mr Turnbull's approval rating jumped up two points to 42 per cent.
Support for Pauline Hanson's One Nation was flat at six per cent, about half of what it was at the party's peak.
The poll of 1609 voters was taken between June 28 and July 1.
