More than half the people hit by Labor’s new tax plan are over the age of 65 and could lose the equivalent of their annual electricity bills, according to a government analysis that seeks to blame Bill Shorten for slugging older Australians.

The government will take the message to voters in regional electorates this week in a bid to intensify pressure on the Labor leader over his ambitious policy, which would raise $5.6 billion a year from 1.1 million taxpayers.

Prime Minister Malcolm Turnbull is expected to campaign in a NSW seat today with a warning that the Labor policy will cost $1,078 on average for NSW pensioners who receive cash refunds on their dividend franking credits.

The government estimates a Victorian pensioner who claims the cash refunds would lose $1,354 under the Labor policy, adding that this is roughly equivalent to a pensioner's annual household electricity bill.