Labor will target more than 1 million Australian taxpayers who own shares in a $59 billion revenue push that would take its heaviest toll on retirees, as Bill Shorten wages war on “unfair” cash refunds and ramps up attacks on the rich.

In a bold move that hurts wealthier voters, the Opposition Leader will reveal plans to help balance the budget by cancelling cash refunds worth an average of $5000 a year to taxpayers who own shares and claim tax credits on their dividends.

The stunning decision takes aim at more affluent taxpayers in a “hit the rich” policy that is certain to spark a political fight over a group of voters still reeling from Prime Minister Malcolm Turnbull’s move to scale back superannuation tax breaks two years ago.

Opposition Leader Bill Shorten will announce another plank in Labor's economic policy on Tuesday. Credit:Dominic Lorrimer

As Labor fights to hold the marginal seat of Batman against a threat from the Greens this weekend, Mr Shorten will blast the Coalition for creating a “loophole” in 2001 on the tax credits paid on dividends.