Turnbull channelling inner Abbott: Shorten

Labour has accused the prime minister of channelling "his inner Tony Abbott". (AAP)

The federal opposition has seized on independent modelling backing its new negative gearing policy as it accuses the government of scaremongering.

Prime Minister Malcolm Turnbull has been accused of channelling "his inner Tony Abbott" after mounting what Labor considers a scare campaign against its negative gearing plans.

The federal opposition wants to limit negative gearing to newly constructed properties and cut the capital gains tax discount to 25 per cent from 50 per cent.

Mr Turnbull has warned property prices will plummet if Labor gets its way.

But Opposition Leader Bill Shorten hit back, saying the prime minister has his facts wrong.

"It's not going to affect property prices, that is an unworthy scare campaign from Mr Turnbull who vowed to be different to Tony Abbott," he told reporters in Sydney.

"Now Malcolm Turnbull's channelling his inner Tony Abbott."

Shadow Treasurer Chris Bowen dismissed threats of mining tax-styled advertising campaigns.

"It's fashionable these days for people to threaten mining tax-style advertising campaigns - well, we won't be dissuaded," he told reporters in Sydney on Saturday.

He seized on independent modelling from Australian National University which showed most of the benefits of negative gearing went to the top 10 per cent of income earners and the vast majority of the additional revenue would be at the expense of that group.

Report author Ben Phillips said he would expect significant long-term savings from Labor's proposal - between $3.5-3.9 billion a year for the negative gearing changes and $2 billion a year for capital gains tax changes.

Source AAP

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