Last week’s federal budget has failed to deliver a change in fortune for Malcolm Turnbull’s government with a new poll showing voters have dismissed his economic reset and shifted their support towards the ALP and the Greens.

The latest Newspoll, published late on Sunday, carried few signs that voters approved of a hike in the Medicare levy to pay for the National Disability Insurance Scheme, reforms to education funding, a new tax on the big banks or the 10-year plan for infrastructure spending.

Instead, the government, which was hoping for a bounce in the polls, slipped further behind Labor, which now enjoys a 53 to 47 per cent lead, up one point on the last Newspoll.

A Fairfax-Ipsos poll, published Monday morning, puts Labor support at 53 per cent to the Coalition’s 47 per cent on a two-party preferred basis, but Labor’s lead slipped from last month’s reading of 55 per cent.

Fairfax attributes the decline in Labor support to its the Ipsos respondent’s satisfaction with the Turnbull government’s budget plans.

The two polls are at odds on the effect of the budget, with the Ipsos poll finding 42 per cent of voters agreed the measures were fair and 39 per cent said it was not.

While both polls were published post-budget, the Newspoll is released more regularly.

The previous Ipsos poll was published by Fairfax on March 26, so its changes since reflect a longer time period than the Newspoll.

Regardless of the nuances, the polling will be unwelcome news for the Prime Minister and Treasurer, who last week moved the government’s pitch to voters away from the legacy of Tony Abbott’s horror 2014 budget.

Government MPs looking for positive signs will point to an improvement in the PM’s personal satisfaction numbers and a growth in Mr Turnbull’s lead over Opposition Leader Bill Shorten as preferred prime minister.

However, overall support for the government slipped in the Newspoll. While the Coalition’s primary vote remained steady at 36 per cent, support for Labor lifted from 35 to 36 per cent, and the Greens moved from 9 to 10 per cent. Pauline Hanson’s One Nation slid from 10 to 9 per cent.

Budget fight continues

Facing a major fight over his plans to draw $1.5 billion a year from the big banks to help repair the budget bottom line, Scott Morrison sought to placate critics on Sunday, saying the measure was permanent but he had no plans to raise it in the future.

The 0.06 per cent tax on the big four banks and Australia’s largest investment bank, Macquarie, will raise just over $6 billion to help towards budget repair and was the biggest surprise in the Treasurer’s annual statement.

The UK has a similar tax on banks but has raised it several times since its introduction.

“We have no plans to do that whatsoever,” Mr Morrison told ABC television on Sunday.

“We have set it at the levy we think is appropriate and we think is fair.”

Scott Morrison said the government’s tax cuts will cost $64.5 billion over 10 years.

The bank chiefs are furious and are threatening to pass on the cost of the levy to their customers and shareholders.

But Mr Morrison insists the banks can absorb the impost.

“If banks think the way to build shareholder value is to fleece their customers then I don’t think that is a very sound business strategy,” he said.

He said the levy was small when compared to the 25 basis point changes in the cash rate made by the Reserve Bank and at a time when they are enjoying a 20-40 basis point advantage over smaller banks when they raise money in the financial market.

But shadow treasurer Chris Bowen does not believe the levy is about competition, given the government has only just sought a review on the issue through the Productivity Commission two years after it was recommended in the Murray review of the financial system.

However, Labor does support the levy and, like the government, would make it permanent.

“It was a desperate measure because they were short of cash so they said I know what we’ll do, we’ll dump a bank levy in,” Mr Bowen told Sky News.

-with AAP