Newspoll: Albanese Hopes 2024 Budget Will Boost Economy and Labor Support

Albanese banks on 2024 budget to boost economy and Labor's support, as cost of living pressures cut into party's lead.

Geeta Pillai
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Newspoll: Albanese Hopes 2024 Budget Will Boost Economy and Labor Support

Newspoll: Albanese Hopes 2024 Budget Will Boost Economy and Labor Support

Prime Minister Anthony Albanese is banking on the upcoming 2024 Federal Budget to provide a much-needed boost to Australia's economy and shore up support for the Labor party, according to the latest Newspoll released on April 22, 2024. The poll shows Labor maintaining a narrow lead over the Coalition, 51% to 49% on a two-party preferred basis, despite Albanese's hopes that the announcement of Labor's 'Future Made in Australia' policy would translate into increased support for the party.

Labor's primary vote remains steady at 33%, the same level as the 2022 election, while the Coalition has seen a slight uptick in support, growing by one percentage point to 38%. Albanese still holds a 13-point lead over Opposition Leader Peter Dutton in the preferred Prime Minister rating, but both leaders have seen their net approval ratings slip into negative territory. Albanese's net approval sits at negative six points, while Dutton holds a negative 15 net approval with voters.

The Newspoll results come on the heels of a separate Resolve poll that indicates rising cost of living pressures have cut into Labor's support, tying them with the Coalition. NDIS Minister Bill Shorten expressed concerns about the financial struggles faced by everyday Australians, with 55% of voters saying they would have difficulty paying for a major expense. "My concerns are with the Australian people, not our electoral fortunes," Shorten said, defending the NDIS scheme while acknowledging the need for improvements in service provider quality.

Environment Minister Tanya Plibersek recognized the financial challenges faced by many Australians but pointed to the government's efforts to reverse the previous administration's policies of keeping wages low. "We are taking measures to help with the cost of living," Plibersek stated. However, former Nationals leader Barnaby Joyce argued that people are "fed up" with Labor, claiming the government is not focused on the concerns of everyday Australians.

Why this matters: The Newspoll results highlight the challenges faced by the Albanese government as they seek to balance economic recovery with cost of living pressures and voter expectations. The upcoming Federal Budget will be a critical test for Labor as they aim to deliver on their policy promises and maintain voter support ahead of the next federal election, which must be held before May 2025.

Prime Minister Albanese expressed skepticism about the feasibility of divestiture in Australia's supermarket industry, particularly in regional areas, when asked about the ongoing supermarket inquiry. He pointed to the mandating of a supermarket code of conduct as a step forward in providing transparency for both shoppers and farmers. The 2024/25 Federal Budget is set to be handed down on May 14, with Albanese hoping it will provide the necessary economic stimulus and policy initiatives to bolster Labor's standing with voters.

Key Takeaways

  • Newspoll shows Labor maintains narrow lead over Coalition, 51% to 49%.
  • Albanese's net approval rating is negative 6, Dutton's is negative 15.
  • Cost of living pressures have cut into Labor's support, tying them with Coalition.
  • Albanese skeptical about divestiture in supermarket industry, points to code of conduct.
  • 2024/25 Federal Budget crucial for Albanese to boost economy and Labor's standing.