(Bloomberg) — Australian Prime Minister Anthony Albanese’s Labor party fell behind the center-right opposition in a closely watched poll of voting intentions, highlighting a tightening race ahead of an election due by May.
Most Read from Bloomberg
Labor trailed the Liberal-National coalition 49% to 51% in a Newspoll survey released by The Australian newspaper, the first time it has done so since winning office in 2022. The prime minister’s net approval rating slipped 6 points to negative 14%, leaving him neck-and-neck with Liberal leader Peter Dutton.
The ruling Labor party is holding out hope for an interest-rate cut by the Reserve Bank to help ease pressures on households. Albanese’s government currently holds power by a slim majority of just three seats in the lower house of parliament.
Even though Labor is currently trailing the Liberal-National parties in opinion polling, Albanese would likely be able to form a minority government with independent lawmakers and third parties if the poll’s results were replicated on election day.
But the survey is just the latest indicator that Australians are growing frustrated with the government over its handling of its economy. Sticky inflation has led the RBA to keep rates at a 12-year high when other nations are easing policy.
Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen.
Rising consumer prices and high borrowing costs are contributing to a cost of living squeeze. At the same time, Australia is facing a national housing crisis due to dwindling supply, high construction costs and elevated migration driving demand.
Opposition spokesperson on Veterans Affairs Barnaby Joyce the government’s approval had consistently trended downwards over the past year.
“Price of electricity has gone through the roof. Cost of living is absolutely tearing people apart,” he said on Australian television.
Environment Minister Tanya Plibersek said Monday that the contest was “very close” and as the election drew nearer voters would focus more explicitly on comparing the two parties.
“As an election approaches, people remember what it was like to have a Liberal government,” Plibersek said in an interview. “They’ll remember Robodebt, they’ll remember the secret ministries,” she said, referring to bungled programs and decisions by the preceding administration.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
