SOCIAL Services Minister Scott Morrison has hosed down speculation of an early election saying it is unlikely.

Asked about the prospect of an early poll, Mr Morrison said there were still lots of things the government wanted to achieve before going to another election.

“I dismiss all that speculation,” Mr Morrison told ABC radio.

“We were elected to go for three years and we’ve got a lot more work to do.

“We came a long way in our first budget and we’ve got a way to go in this one too. We have measures to implement over next 18 months or so. We are getting on with good government.”

Veteran political reporter Laurie Oakes on the weekend suggested an early election could be on the cards for the Coalition.

The latest Newspoll published in The Australian today shows Bill Shorten and Tony Abbott are neck and neck at 38 per cent for preferred Prime Minister status.

Mr Morrison said the Coalition’s standing had been improving and that Labor had more to fear from the latest figures.

“I think there definitely has been a strong improvement in the government’s position since February this year especially for the Prime Minister,” he said.

“I think the real worry here is that Bill Shorten has just been tanking.”

The poll conducted for News Corp Australia shows Mr Abbott’s standing with voters has jumped to a seven-month high after the fifth consecutive rise in his personal approval ratings.

On the question of who would make a better prime minister, both leaders fell and are now tied at 38 per cent, with Mr Abbott down two points and Mr Shorten down three points.

While Labor’s primary vote has fallen to its lowest since October at 35 per cent, the ALP continues to hold a two-party-preferred lead over the Coalition, of 52 per cent to 48 per cent.

The Coalition’s primary vote suffered a two-point fall to 39 per cent.

The mixed Newspoll results are likely to stoke talk of an early election. Australia is not due to return to the polls until the second half of 2016.

Labor and Liberal strategists dismissed talk of an early federal election yesterday.

It has been speculated Mr Abbott could call an early poll on the back of a successful May 12 budget, which will include extra support for families and small business.

While Mr Abbott did not comment on the issue on Monday, senior minister Scott Morrison said the government intended to serve a full three-year term because there was “so much more to do”.

Labor strategist Bruce Hawker said there was little chance of an early poll, chiefly because of the political damage still being caused by last year’s budget.

“(Mr Abbott) has a huge amount of repair work to do,” Mr Hawker told Sky News.

“There is far too much damage Labor could do to him in a such a short period of time.”

The only compelling reason for an early poll would be to head off a leadership challenge from Malcolm Turnbull, he said.

Liberal strategist Grahame Morris said no one in the government would be promoting the idea of an early election.

“The government has to get back to 44-45 per cent primary vote to get into a winning position,” he said.

“The government is going to need every month to get those votes back.”

Mr Morrison also dismissed reports today about changes to the pension as “speculation”.

The Daily Telegraph revealed today that wealthy Australians would be weaned off the part-pension with the government set to lower the asset tests for pensioners by almost $300,000 in a move that could save the budget up to $2 billion.

“This is just more speculation,” Mr Morrison said.

The Minister also hit out at Labor’s plan to increase tax on superannuation.

“A welfare payment like the pension is not the same thing as taxing people more,” Mr Morrison said.