Anthony Albanese
Prime Minister Anthony Albanese approval ratings dropped to minus 14, the lowest since he became prime minister. AFP

A new poll has revealed that Australia's opposition Liberal-National coalition has edged past Labor, securing a 51-49 lead on a two-party preferred basis, marking their first lead since the May 2022 election, while Prime Minister Anthony Albanese's ratings dropped to the lowest levels.

Albanese's approval ratings dropped to minus 14, the lowest since he became prime minister, according to the news poll conducted for The Australian newspaper. He lost three points in satisfaction, which dropped to 40%, and saw a three-point rise in dissatisfaction to 54%, while opposition leader Peter Dutton's disapproval rating stood at 52%, Reuters reported.

The poll, however, predicted a hung parliament, with both parties failing to get a clear majority, leaving the Labor Party set to return as a minority government.

The center-left government has been implementing a series of relief measures to tackle rising living costs and mortgage rates.

Recent data revealed that headline inflation eased to 2.7% in August, falling back within the Reserve Bank of Australia's (RBA) target range of 2-3%. However, the RBA cautioned that the monthly figure can be volatile and stated the trend was temporary.

The central bank has maintained the cash rate at 4.35% since last November.

The primary votes remained the same as the September poll, with the opposition and Labor winning 38% and 31% support, respectively. The narrow lead for the coalition comes from a small shift in preferences toward minor parties, especially the Greens, who saw a 1% drop in their primary vote, falling from 13% to 12%, ABC reported.

The poll result was not very different from that of 2022 when Labor on a primary vote of 32.6% was behind the Coalition on 35.7%. But, the two-party preferred outcome led to Labor winning 52.1% to 47.9%.

Labor strategist-turned-pollster Kos Samaras pointed out that a 1% drop in a primary vote, which was already in the low 30s, could signal disaster. "Anything can happen to every seat," he warned.