Labor and the coalition have drawn level with voters as the prime minister prepares to call the federal election.
The latest YouGov poll provided to AAP shows the opposition clawing back ground on the government, with the major parties tied 50-50 on a two-party preferred basis.
The result comes after two weeks of Labor holding a narrow 51 to 49 per cent lead in the polls, off the back of the response to ex-tropical cyclone Alfred and public reaction to the government's backing of Ukraine.
While the coalition gained ground in the lead-up to the election, Anthony Albanese is still ahead of Peter Dutton as preferred prime minister.
The poll showed 45 per cent of those surveyed backed Mr Albanese as preferred leader compared to 40 per cent for Mr Dutton.
YouGov's director of public data Paul Smith said the election would be tight.
"It is a very close race but the prime minister has now consolidated his lead as preferred leader and that is significant," he told AAP.
Labor's primary vote remains unchanged since the last poll at 31 per cent.
However, the coalition has increased its voter share, gaining one point to 37 per cent.
The primary vote also went backwards by half a percentage point for the Greens and One Nation, down to 13 and seven per cent respectively, while independents also fell by one point to eight per cent.
Mining magnate Clive Palmer's Trumpet of Patriots party stands at just one per cent.
The YouGov poll also showed Mr Dutton retaking the lead for satisfaction among voters.
The opposition leader's satisfaction is at minus five per cent, with 42 per cent satisfied and 47 per cent dissatisfied.
Mr Albanese's net satisfaction stands at minus nine per cent, with 41 per cent satisfied and 50 per cent dissatisfied.
The polling comes as Labor prepares to hand down its fourth federal budget on Tuesday, which is set to show a deficit in the country's finances after back-to-back surpluses.
The financial outlook prompted many to forecast the government would not deliver a budget and would instead call an election.
However, the threat from Alfred in Queensland and northern NSW prompted Mr Albanese to defer his plans to visit the governor-general.
The election must be held by May 17, with Mr Albanese expected to call the poll in the days after the budget.
The YouGov poll surveyed 1500 people between March 14 and Wednesday, with a margin of error of 3.4 per cent.
