Labor’s attack on the Prime Minister’s use of a tax haven appears to have fallen flat with a new poll putting the Coalition well ahead.

The latest Fairfax-Ipsos poll, published in Fairfax newspapers on Monday, shows Labor’s primary vote has plummeted to 30 per cent against the Coalition’s 45 per cent.

On a two-party preferred basis the Coalition is ahead 53-47, which would translate into a landslide win if an election was held now.

The state breakdown shows the Coalition rocketing back into contention in South Australia, where the two-party preferred breakdown is now 50-50. In August, the Fairfax-Ipsos poll showed Labor ahead of the Abbott-led Coalition by a massive 58-42.

Today’s result – which puts the Coalition in the lead or tied in every major poll for the first time since March 2014 – will buoy the government at the start of four days of parliament.

Prime Minister Malcolm Turnbull’s net approval rating of 51 per cent is well ahead of Opposition Leader Bill Shorten’s 24 per cent.

Cabinet minister Simon Birmingham said the results showed “politics of smear, envy or class warfare” don’t work, following Labor’s attack of Turnbull’s investments in the Cayman Islands.

“I don’t think people want to hear … a suggestion that they shouldn’t have faith in this man because he has too much money,” he told Sky News.

“I think they want to put faith in him because he’s been successful and because they hope he can translate that success to the nation.”

Shadow assistant treasurer Andrew Leigh said Labor’s questioning of Turnbull was part of the policy debate about multinationals paying their fair share of tax.

“Our concern was always around it being very important for Australia’s prime minister to be beyond reproach when it came to multinational tax avoidance,” he said.

Cabinet minister Peter Dutton said the polls showed Shorten did not have the “guts” to lead the attack on Turnbull.

Senior Liberals are talking down the prospect of an early poll.

“There’s quite a long way to the next election,” Assistant Treasurer Kelly O’Dwyer said.

Senior Labor MP Terri Butler said Turnbull had achieved nothing since ousting Tony Abbott as leader.

“What’s he doing? What’s he done? What’s he achieved? He’s nice to look at maybe,” she told reporters, adding a honeymoon period was expected.

“Anyone would be good compared with Tony Abbott.”

– AAP with additional reporting by InDaily