Anthony Albanese secured a landslide Labor victory in the May 2025 federal election, delivering the party a strong House majority and securing his second term. As of mid-2026, recent polling has shown softening support, with Albanese trailing One Nation leader Pauline Hanson as preferred prime minister and One Nation outpacing both major parties on primary votes amid voter concerns over cost-of-living pressures, housing affordability, migration levels, and proposed budget changes to capital gains tax and negative gearing. The next federal election must occur by May 2028, giving Albanese a full term unless internal Labor challenges, a loss of parliamentary confidence, or sustained minor-party momentum alters the trajectory. Key near-term catalysts include the Reserve Bank’s interest-rate decision and ongoing policy debates that could influence approval ratings and crossbench dynamics ahead of any early contest.