Newspoll: Labor’s vote grows, but so does voter concern over Budget’s impact on economy

Federal Labor’s third budget has failed to land with voters, with a record low number of Australians believing it is good for the economy, The Australian has reported.

With voter fears the budget, which included a $300 power bill credit for all Australians, would add to inflation, the Albanese Government’s key messaging over the statement had been rejected.

But in a win for the Government, Labor’s vote rose by one percentage point, widening the gap against Peter Dutton’s Liberals to 52 per cent to 48 per cent on the two-party preferred metric.

That’s a change from 51 per cent to Labor last month.

On primary vote, Labor picked up a point to 34 per cent, while the Coalition dropped one to 37 per cent.

But on the annual measure on whether the budget was good or bad for the national economy, 27 per cent of voters said it was good — a record low for Newspoll. Twenty-seven per cent of voters also said it was bad for the economy, with the remained undecided.

Anthony Albanese has seen his approval rating return to neutral territory for the first time since last year’s Voice referendum loss and his lead over Peter Dutton as preferred prime minister increased.

The small bump will likely fuel rumours of an early election in Australia, potentially before the end of this year. The next Federal election must be held by May 2025.

The polling comes in the wake of the Albanese Government’s third budget, the centrepiece of which was a $300 energy rebate to every Australian household.

In the two States where Labor is eager to hold and grow their support, Western Australia and Queensland, the rebate will combine with similar State measures to save households $700 and $1300 respectively.

Voters in both States will vote twice in the next 12 months, with Queensland going to the polls in late October, and WA scheduled for March 8, next year.

Another major announcement, $7 billion in production credits for critical minerals processing, was opposed by Mr Dutton and the Coalition — sparking a political fight over the proposal.

Mr Dutton labelled the spending as “billions for billionaires”, but used his Budget reply speech to declare how important mining was for WA and the national economy.