Some 50 per cent expect the economy to become worse in the next three months, a Resolve poll published in Nine newspapers on Monday shows.
More than half - 52 per cent - say the cost of living is their biggest priority, up from 32 per cent at the end of last year.
Households have weathered a series of interest rate rises, which has pushed up the cost of mortgage and other loan repayments, as well as high inflation, which has impacted the cost of goods and particularly petrol.
Some of this was being driven by the flow-on effects from the war in Ukraine, but research company Resolve Strategic said there was little doubt support for Labor in the electorate was edging lower.
Labor's "core" or primary support has fallen to 35 per cent, from 37 per cent in the past month, against the coalition which slipped to 30 per cent from 31 per cent.
"Most Australians cannot see an end to above-average inflation in the near future and are expecting rates to rise while their wages remain stubbornly fixed," Resolve director Jim Reed told Nine newspapers.
However, Mr Albanese is still the preferred prime minister at 40 per cent to 27 per cent for Opposition Leader Peter Dutton.
Resolve pollsters surveyed 1602 voters from November 1 to November 5, ahead of the Reserve Bank raising interest rates for the 13th time in more than a year on November 7.
