More voters disapprove of Anthony Albanese’s performance than approve for the first time in his prime ministership, and 66% of Guardian Essential poll respondents think Labor is not doing enough to combat cost-of-living pressure.
As federal parliament hurtles towards the summer adjournment, 47% of respondents (up four points in a month) disapprove of the prime minister’s performance and 42% approve (down four points) – which is Albanese’s first net negative Guardian Essential approval since last May’s election victory.
The new survey of 1,151 voters suggests Australians are in a mood for significant government interventions on prices and profit-taking by corporations, with 70% of respondents expressing support for price caps on electricity and gas, 62% supporting limits on rent increases, 55% supporting a tax on retailers making excessive profits and 53% supporting a one-off levy on people paid more than $1m a year.
The Reserve Bank of Australia this month raised its cash rate for a 13th time in the current cycle to a 12-year high of 4.35% because of concern businesses were passing higher costs straight through to consumers. High petrol prices drove inflation higher in the September quarter.
The new poll suggests voters are disappointed with the government’s performance managing cost-of-living pressure, housing affordability and climate change.
Only 11% of respondents characterise government efforts to combat rising prices as excellent or above average (66% rate performance as below average or poor), 10% approve of housing affordability measures (65% say below average or poor) and 16% approve of climate actions (39% say below average or poor).
More than half (51%) of Guardian Essential respondents say they believe the country is on the wrong track, while 30% say Australia is going in the right direction and 19% are unsure.
When asked to nominate which political party is better at managing the economy, wages and prices, most voters say there’s no difference between Labor and the Coalition, although Labor is favoured more than Coalition to support higher wages (37% say Labor, 44% say no difference and 19% say Coalition) while the Coalition is favoured more than Labor to manage the economy (33% say Coalition, 42% say no difference and 25% Labor).
While voters are measurably fatigued by sustained inflationary pressure, the survey suggests the Albanese government has room to move politically if it wants to overhaul the Morrison government’s stage-three tax cuts.
That package was legislated in 2019, with the tax cuts to take effect in 2024. The changes predominantly benefit wealthy people. Only 20% of respondents say the cuts should go ahead next year as legislated.
Only 29% of people identifying as Coalition supporters support the stage-three package legislated by the Morrison government proceeding in its current form. A majority in this cohort (57%) say the package should be overhauled. Among Labor voters, only 19% support proceeding as planned while 67% support a redux.
A majority (66%) say the scheduled tax cuts should either go ahead for people earning under $200,000 a year and be deferred for higher income earners until conditions improve (22% of respondents) or be revised so the benefits flow predominantly to low and middle income earners (44%).
The treasurer, Jim Chalmers, made a serious attempt last year to tweak the stage-three package. That foray was first authorised, then curtailed, by Albanese because of concern the newly elected government would be attacked for breaking an election promise to honour Morrison’s commitment.
While a rework of the stage-three tax cuts looks politically viable, voters are more cool about measures such as allowing property investors to claim negative gearing concessions on only one property (47% of respondents support this) or to tax deceased estates worth more than $5m (41% support).
People are less supportive of these measures now than when the question was last asked in May.
While Albanese is taking on water politically as 2023 comes to a close, voter disapproval of Peter Dutton also continues to outstrip approval. But there has been a three-point increase in the opposition leader’s approval rating since October (39% of respondents approve, while 42% disapprove).
Dutton has ramped up his critique of Labor’s priorities in the closing months of this year, contending the prime minister has been more focused on his overseas travel commitments and on securing a yes vote in the voice referendum than on cost-of-living pressure. Albanese and Chalmers have said repeatedly dealing with cost-of-living pressure is the government’s number one priority.
