Resolve Political Monitor: Crushing blow for Anthony Albanese as Aussie voters send him a harsh reality check on key issue

Many voters blame the Albanese government for runaway inflation, despite attempts by the Treasurer and a Labor predecessor to throw shade at the Reserve Bank of Australia, a new poll has revealed.

According to the latest Resolve Political Monitor poll for Nine Newspapers, 51 per cent of the 1614 voters surveyed believe the government has the primary duty to rein in soaring prices.

Only 27 per cent of voters blame the RBA, despite comments by Treasurer Jim Chalmers and former Labor treasurer and now party president Wayne Swan slamming the RBA’s reluctance to cut interest rates. 

It comes as the Coalition maintained its strong lead on which party was the better economic manager, with 37 per cent of voters backing the team led by Peter Dutton and only 26 per cent preferring Anthony Albanese’s Labor line-up.

When asked which side they trusted to keep down the cost of living, almost a third (32 per cent) named the Coalition ahead of Labor (25 per cent).

But when asked who was best to manage jobs and wages, the Coalition (33 per cent) had a one point lead over Labor.

Labor saw its primary vote slip from 29 to 28 per cent over the past month- its lowest vote since Resolve polls began in 2021. The Coalition’s primary vote remained steady 37 per cent. 

However, the rival parties are still neck and neck on a two-party preferred basis, amid growing speculation the next election could end in a hung parliament.

When voters were asked how they would allocate their preferences, the Coalition climbed to 51 per cent support in two-party terms, while Labor was at 49 per cent. 

In one of the only bright spots for Labor, Mr Albanese inched ahead by one point as preferred prime minister over Mr Dutton, with the men scoring 35 and 34 per cent respectively.

For the minor parties, the Greens’ primary vote remained steady at 13 per cent while Pauline Hanson’s One Nation was also unchanged at six per cent

Support for independents nationwide increased by two points to 12 per cent. 

Resolve director Jim Reed told Nine newspaper ‘voters thought the RBA is trying to solve the issues caused in part by government’.

‘Being blamed for inflation is even worse than being perceived as not acting to reduce it, which is why the government have been at pains to deflect,’ he said.

‘But that doesn’t seem to be working, with more people deeming the government responsible.’ 

The recent poll shows Opposition Leader Peter Dutton is being edged out as preferred prime minister by Mr Albanese

The RBA has put the cash rate at 12-year high of 4.35 per cent in an attempt to bring inflation down into the target range of two to three per cent.

In July inflation fell to 3.5 per cent, down from 3.8 per cent in June.

The central bank has forecast that headline inflation won’t fall to 2.8 per cent until June 2025, bringing it back into the target range for the first time since 2021. 

Following the dismal news last week that the Australia’s GDP grew by just 0.2 percent during the final three months of 2023, Mr Chalmers said high interest rates were ‘smashing’ the economy.

Mr Swan, who was treasurer during the Rudd and Gillard Labor governments, went a step further on Friday and accused the RBA of ‘punching itself in the face’ and of being ‘counterproductive’ by not cutting rates. 

More than half of the voters surveyed blamed the Albanese government for runaway inflation rather than the Reserve Bank of Australia (pictured)

‘The government is doing a lot to bring down inflation, but the Reserve Bank is simply punching itself in the face. It’s counterproductive and it’s not good economic policy,’ Swan said.

On Sunday, Mr Chalmers distanced himself from Mr Swan’s comments about the RBA, which he said ‘went much further’ than he would have gone.

However, he did not back away from his remark that the bank was ‘smashing’ the economy. 

Coalition shadow treasurer Angus Taylor said the Albanese government was trying to blame the bank for its own mistakes.