Federal Labor has defended new attack ads singling out the wealth of Malcolm Turnbull as the opposition ramps up its attack over government plans for a big business tax cut.
The ads state the prime minister has "millions invested in funds which hold shares in dozens of big businesses which would benefit from the tax cut".
"He always sides with the millionaires and the multinationals over middle Australia," an "entirely comfortable" finance spokesman Jim Chalmers told ABC radio on Monday.
"We are entirely within our rights to point that out to people."
Labor also released an analysis of Mr Turnbull's financial interests register showing he indirectly owns shares in 32 companies worth over $50 million.
"Who exactly is he looking after?" the ads ask.
Another senior Labor MP argues the coalition can't cry foul over the personal nature of the ads.
"As the biggest shareholder in the parliament he will stand to make a very significant sum of money as a result of these proposals," Brendan O'Connor said.
"You can take Malcolm Turnbull out of the bank but you can't take the banker out of Malcolm Turnbull."
Government senator John Williams slammed the Labor ads as "appalling", labelling their inference as "supreme socialism".
For his part Mr Turnbull accused Labor of turning on everything it once stood for.
"They want to attack me having a quid," he told reporters in Canberra.
"They want to attack me and Lucy for working hard, investing, having a go, making money, paying plenty of tax, giving back to the community."
Old Labor leaders would be "horrified" by Opposition Leader Bill Shorten's politics of envy and mean-spirited negativity.