Treasurer Josh Frydenberg admits the election in his seat of Kooyong will be close, as he seeks to fend off a challenge from a high-profile independent candidate.

If he loses the seat, Mr Frydenberg will be the first in the Liberal Party to do so.

“Certainly I think it will be close and I’ve never taken my seat for granted,” Mr Frydenberg told ABC Radio National on Friday.

“I feel very fortunate that I’ve been supported by my community at the last four elections.”

He said independents such as his opponent Monique Ryan were “no more than a slogan and a banner”.

Mr Frydenberg holds the seat with a margin of 5.7 per cent, but a redistribution is predicted to have narrowed his lead.

Dr Ryan has been campaigning on more ambitious action on cutting emissions and putting in place a national integrity commission.

Mr Frydenberg said independent candidates should state who they would support in the event of a hung parliament.

Dr Ryan has said the major parties would need to “come to the table on climate and integrity” if they want her support.

TAB’s Gerard Daffy said there was heightened betting interest in Dr Ryan following this week’s alarmingly high inflation figures.

Meanwhile, Prime Minister Scott Morrison is campaigning in the seat of Lyons in Tasmania where he is visiting Lark Distillery.

The company in Pontville will receive $4.5 million towards a new one million litre a year whiskey distillery.

The distillery is seeking to boost its exports, bring on more skilled workers and attract tourists to Tasmania.

Lyons is held by Labor’s Brian Mitchell on a margin of 5.2 per cent and is a target seat for the Liberals, who are running local councillor Susie Bower.