One Nation would form federal opposition, Labor re-elected, according to new polling

Federal Labor would be returned to power, the Coalition wiped from the map in four states and One Nation the official opposition party.

That's the change coming to Canberra according to new opinion polling that shows a dramatic change in the right of politics.

Prime Minister Anthony Albanese and Opposition Leader Angus Taylor both received warm receptions at party faithful events today.

Albanese, at Victoria Labor's annual conference, mounted an impassioned defence of the federal budget, declaring it "aspiration for all".

"Our changes are pro-aspiration, and pro-supply," he said.

Meanwhile, Taylor continued his criticisms of a prime minister he said was "a liar and he is a fraud".

Amid fears of small business backlash to capital gains tax changes, Energy Minister Chris Bowen said it was the consequence of a bold approach.

"That will sometimes be controversial, but big reforms are controversial and they're worthwhile," he said.

Liberal Senator Paul Scarr told Today that Taylor was "doing a great job in terms of demonstrating how bad this budget is".

But voters may not be agreeing.

If elections were held today, new polling by Ascent Research and RedBridge Group predicts a returned Labor government, the Liberals with just 12 seats, the Nationals with none, and One Nation would likely win 53, which would make it the official opposition.

That polling forecasts the Coalition facing eradication from four states, wiped from the map in Queensland, South Australia, Tasmania and Western Australia.

"We now are witnessing a complete restructure of politics on the right side in this country," pollster and former Labor strategist Kos Samaras said.