One Nation has surged ahead in the polls as support for Labor slumps to its equal-lowest level since Prime Minister Anthony Albanese came to power, according to a new Newspoll. While primary support for One Nation remained unchanged at 28 percent, a two-point drop in Labor's support allowed Pauline Hanson's party to retain its lead.

Labor's lowest primary vote on record in a Newspoll was 26 percent in 2011. The latest poll shows the Coalition with 21 percent primary support, ahead of the Greens on 13 percent and other parties on 11 percent.

Senator Hanson's support has rebounded despite recent controversy over her cartoons. Her net approval rating improved to minus-1, with 47 percent of voters satisfied with her performance. Her popularity had previously fallen after a National Press Club speech where she advocated for a "monocultural society."

Prime Minister Albanese's net approval rating stands at minus-23, with 59 percent of voters dissatisfied. He is currently in the Caribbean for international meetings while Australian interest rates are anticipated to rise for the fifth time this year.

One Nation MP Barnaby Joyce commented on the political climate, stating, "Mr Albanese has lost confidence with the people." He added, "The budget is a disaster. You've got to have people who have actually run a business come to the fore before they start running the country."

Despite speculation, Labor frontbencher Tanya Plibersek maintained that Treasurer Jim Chalmers' position is secure, though he recorded a net approval rating of minus-16, second only to the Prime Minister. Six percent of respondents were dissatisfied with Chalmers' performance, while 20 percent had never heard of him.