PM's approval rating slips, new poll shows

Malcolm Turnbull's approval rating as prime minister has sunk to a new low, but support for a new conservative political party appears to be on the rise.

The latest Essential poll shows only 34 per cent approve of his performance - the lowest since taking on the top job last September.

But he remains the preferred prime minister, with 39 per cent of support compared to Opposition Leader Bill Shorten's 28 per cent.

Labor has maintained its two-party preferred lead over the coalition, holding a 53-47 edge.

More than a third (37 per cent) believe the Liberal party is becoming more conservative, while 23 per cent say they would likely vote for a new conservative party that included people like former prime minister Tony Abbott.

Forty-one per cent of coalition voters would likely back a new party, but just as many said they were unlikely to.