The federal Coalition has taken the lead on a two-party preferred basis for the first time since Labor took power.
According to Monday's poll in The Australian, Prime Minister Anthony Albanese's own approval ratings have also plummeted.
Eight months from the next election, the Coalition leads Labor 51-49.
The lead has been created by a shift in preference among minor parties.
The Coalition and Labor have maintained the same level of support among voters since September's poll.
The approval ratings of Albanese fell to the lowest level since he became Prime Minister, the satisfaction rating falling three points to 40% and the dissatisfaction rating increasing three points to 54%.
Additionally, his net negative approval ratings fell to minus 14, a point lower than his previous lowest rating.
Despite Albanese's higher approval rating, Opposition Leader Peter Dutton's disapproval rate is higher than Albanese's - 54% to 52%.
The head-to-head contest over who'd make a better prime minister ended with Dutton on 37% and Albanese on 45%.