Popularity of Anthony Albanese hits new low in poll jolt for Labor

The popularity of the prime minister and treasurer has crashed to a record low, new polling released on Monday shows.

Anthony Albanese’s net favorability has fallen 10 points to -27, while Jim Chalmer’s has dropped nine points to -23, the latest The Australian Financial Review/RedBridge Group/Accent Research reveals.

The favourability rating of One Nation leader Pauline Hanson rose two points to -10 per cent.

Coalition leader Angus Taylor’s net rating dropped three points to -6 per cent.

The rating is established by taking a politician’s favourability rating and subtracting their unfavourability rating.

The monthly poll of 1000 voters was conducted from last Monday to Friday, during a week when the Reserve Bank lifted interest rates to 4.6 per cent, the highest for 15 years.

Worryingly for the Albanese government, the survey shows voters are deserting Labor when it comes to running the national economy and other big issues.

Voter worries about economic management has leapt 7 per cent in a month, according to the survey.

They rate the Coalition top for economic management, along with tax reform and national security.

One Nation has pulled ahead of other parties on four of the top five issues – cost of living, housing affordability, immigration and crime.

Voters rank Labor best for only one of their major concerns – healthcare.

In terms of the primary vote, the survey shows One Nation leading with 29 per cent, followed by Labor on 28 per cent and the Coalition on 21 per cent. Labor still leads in the two party preferred count, with 52 to 48.

But the poll highlights growing voter unease about Labor’s ability to steer the country through economic turbulence could come back to bite.

“Labor’s vote share is back to its lowest recorded level. The current political challenge for Labor is that the cash register never lies and voters will rarely reward a government when they are feeling poorer,” said RedBridge director Tony Barry.

Meanwhile, the Albanese government has vowed to tighten its belt, closing the purse strings to households.

This means struggling families shouldn’t expect any help with rising costs in the next budget update.

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As households come to terms with the new interest rates, Treasurer Jim Chalmers played down the likelihood of further cost of living relief.

Instead, he's said the next budget update will involve saving more, which is in part a message to the reserve bank, and in part, a response to Australia's debt repayments rising.

“I can make it really clear – there will be more savings in the mid-year update, that is at most 10 or 11 weeks away,” Chalmers said