(Bloomberg) — Australian Prime Minister Anthony Albanese’s Labor Party fell behind the center-right opposition in a closely watched poll on voting intentions, highlighting a tightening of the race ahead of the May election.
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Labor trailed the Liberal-National coalition 49% to 51% in a Newspoll survey published by The Australian newspaper, the first time it has done so since taking office in 2022. The Prime Minister’s net approval rating fell 6 points to negative 14%, putting him neck-and-neck with Liberal Leader Peter Dutton.
The ruling Labor Party is hoping for a rate cut by the Reserve Bank to ease pressure on households. The Albanian government currently holds power with a narrow majority of just three seats in the lower house.
Although Labor is currently trailing the Liberal National parties in the opinion polls, Albanians could likely form a minority government with independent lawmakers and third parties if the poll results were repeated on election day.
But the survey is just the latest indicator that Australians are growing frustrated with the government over its handling of the economy. Persistent inflation has led the RBA to keep interest rates at their highest level in 12 years, while other countries ease policy.
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Rising consumer prices and high financing costs contribute to the pressure on the cost of living. At the same time, Australia is facing a national housing crisis due to declining supply, high construction costs and increased migration driving demand.
Opposition Veterans Affairs Spokesperson Barnaby Joyce The government’s approval rating has been consistently downward over the past year.
“The price of electricity has gone through the roof. The cost of living is absolutely tearing people apart,” he said on Australian television.
Environment Minister Tanya Plibersek said on Monday that the fight was “very close” and that as the election drew closer, voters would focus more explicitly on comparing the two parties.
“As the elections get closer, people remember what it was like to have a liberal government,” Plibersek said in an interview. “They will remember Robodebt, they will remember the secret ministries,” she said, referring to failed programs and decisions of the previous government.
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