Support for the Turnbull government has crashed, according to the latest Fairfax-Ipsos poll, and Labor now holds a thumping 10-point lead over the Coalition in the two-party preferred vote.

Under a uniform swing, if an election had been held on Saturday, the government would have suffered an electoral drubbing and lost 24 seats, including cabinet ministers Peter Dutton and Christian Porter, as well as junior ministers Ken Wyatt and Luke Hartsuyker.

The poll will likely send shockwaves through the government, which believed it had started to recover politically after a series of policy announcements designed to tackle rising power prices, and may kick off a fresh discussion about the Coalition's prospects under the leadership of Prime Minister Malcolm Turnbull.

It comes ahead of the final sitting of Parliament before the May budget, and after a week in which the government announced controversial changes to race hate laws, passed a $1.6 billion childcare package, and explicitly backed a cut to Sunday penalty rates.