Finance Minister Mathias Cormann has fired off a warning to any Labor members preparing for a thumping federal election victory in May.
Senator Cormann says former Labor leader Kim Beazley was "way more electable" in 2001 than Bill Shorten is today, but Beazley still ended up snatching defeat from the jaws of victory.
"All of those Labor people, from Bill Shorten down, who are getting really cocky would do well to have another look at what happened in 2001," he told Sky News on Sunday.
Despite the senator's fighting words, Liberal Party MPs and members across the country are grappling with serious problems.
The coalition is struggling to maintain control of federal parliament, the Liberals were wiped out in the Victorian election, and the party is at risk of being booted out of office at an upcoming NSW state poll.
Anxious NSW Liberals fear their federal colleagues could cost them the state election.
"The feds are poisoning us," one senior state Liberal told the Sydney Morning Herald.
In Victoria, former state opposition leader Matthew Guy has warned the Liberal Party is at risk of annihilation at next year's federal election.
Mr Guy has told party powerbrokers that Labor could be on course to win 110 of 150 lower house seats, The Age newspaper reports.
He said the Liberal Party brand had been made "toxic" by the leadership mess in Canberra, and compounded by state problems, including a lack of gender and ethnic diversity in its ranks.
His warning comes after the humiliating state election defeat, the defection of former federal Liberal MP Julia Banks and the resignation of Victorian Liberal Party president Michael Kroger.
However, Prime Minister Scott Morrison has argued the state's Liberal Party lost last weekend's election because it failed to make a case for change.
Mr Morrison has urged federal MPs not to be spooked by the result which, if replicated at the federal election in May, could see the coalition lose six Victorian seats.
He said many Victorian voters voted for Labor because they believed Premier Daniel Andrews was doing a good job.
"Dan Andrews successfully convinced Victorians that they shouldn't make a change," Mr Morrison told the Herald Sun.
"It's a compliment to Dan Andrews. It's not our job to be spooked."
Mr Morrison still believes he can beat Bill Shorten.
"Of course I can," he said.