Albanese secured a decisive Labor majority in the May 2025 federal election, winning a record 94 House seats on a strong two-party-preferred result. Entering the second year of the term, recent polling shows his personal approval ratings at net negative levels around -20, with disapproval near 60 percent, while One Nation has gained ground on primary votes and narrowed his preferred-prime-minister lead. Economic concerns, cost-of-living pressures, and voter interest in minor-party alternatives have contributed to Labor’s softer primary support. The next election remains due by 2028, with no scheduled leadership spill or constitutional trigger before then. Traders therefore weigh Albanese’s large parliamentary buffer and incumbency against ongoing poll volatility and potential further erosion of Labor’s base.