Australian Prime Minister Anthony Albanese’s approval rating has dropped to its lowest point since he assumed office in 2022, as voters increasingly grapple with rising living costs.

Meanwhile, the central bank has indicated that it is unlikely to provide monetary relief in the near future. 

According to the latest Newspoll survey published by The Australian newspaper, dissatisfaction with Albanese's performance has risen by three percentage points to 54%, marking the worst result for his centre-left Labor government since it was elected in 2022. Meanwhile, his approval rating has decreased by two points to 41%.

On a two-party preferred basis, Labor is currently tied with the cenre-right Liberal National opposition at 50-50. If this result were mirrored in an election, it would likely necessitate that one of the parties form a government with support from minority parties, Bloomberg reports.

Albanese’s declining approval ratings occur alongside indications from Reserve Bank officials that the key interest rate is expected to stay at its 12-year high of 4.35% for the remainder of the year. Policymakers are grappling with inflation, which is decreasing more rapidly overseas, with the US anticipated to lower rates this month.

Ongoing inflation and the Reserve Bank of Australia’s high interest rates have left many Australians grappling with cost-of-living pressures. Polls indicate that public frustration with the government is increasing as people demand more relief.

The Newspoll survey comes just before the release of the Q2 GDP data on Wednesday, which are anticipated to reveal that Australia's economy grew by a modest 0.2% over the past three months and only 0.9% compared to the same period last year.

Furthermore, polling by Redbridge, as reported by the Australian Broadcasting Corp., revealed that just 24% of Australians could identify a government policy that had positively impacted their lives. This is despite Albanese’s administration having introduced tax cuts, power bill subsidies, and university debt relief over the past year.

The Newspoll survey also found that most voters anticipated inflation would remain high regardless of who was in power. Specifically, 41% of respondents believed inflation would be similar to its current levels under a Coalition government, while only 24% thought it would be lower under Liberal Party leader Peter Dutton.