Support for Labor and Prime Minister Anthony Albanese’s approval rating have both fallen sharply in the first Newspoll conducted since the voice to parliament referendum defeat.

The coalition leads Labor on the primary vote, 37 per cent to 35 per cent, according to the poll published in The Australian on Monday.

On a two-party preferred basis, Labor leads the coalition 52 per cent to 48 per cent – its weakest result since it won government in 2022.

The survey of 1220 voters, conducted between October 30 and November 3, showed Mr Albanese’s approval rating dropped four points to 42 per cent while his dissatisfaction rating rose six points to 52 per cent.

Mr Albanese’s popularity as the nation’s preferred prime minister also slipped, falling five points to 46 per cent with Liberal leader Peter Dutton on 36 per cent.

Thirty seven per cent of voters were satisfied with Mr Dutton’s performance as opposition leader while his dissatisfaction rating of 50 per cent was lower than the prime minister’s for the first time.

The opposition is launching attacks against the government over its handling of the cost of living.

Liberal MPs were seeking to tie the government’s handling of the economy to another potential interest rate rise on Tuesday as the Reserve Bank works to tame inflation.

“They’ve had two budgets now, and yet Australians are feeling cost of living pressures worse than ever and feeling the pressure of a potential further interest rate increase,” senior Liberal frontbencher Simon Birmingham told Sky News on Monday.

“So, it’s little wonder that there are real concerns coming from many, many Australians about the policy approach of the Albanese Labor government.”

Liberal senator Hollie Hughes pressed Labor minister Don Farrell in the Senate over why inflation remained high and wage growth was failing to keep up.

Senator Farrell defended the government’s record, saying a range of issues was contributing to cost of living pressures, including petrol price hikes as a result of Russia’s war against Ukraine.

Pushed by Senator Hughes on why inflation remained higher in Australia than other international economies, Senator Farrell said it was “due to the mess you left this economy in”.

His comment was met by audible groans from the opposition benches.

“What’s happened since the change of government is for the first time you have got a government that’s serious about looking after working people in this country,” he said.

Nationals senator Bridget McKenzie also tied Labor’s drop in the polls to “the fact that (Mr Albanese) really doesn’t have everyday Australians’ interests at heart”.

“What the referendum exposed is the triteness of the prime minister,” she said.

By Dominic Giannini in Canberra