Major parties neck and neck as Australian election draws closer

Labor and the coalition have drawn level with voters as the prime minister prepares to call the Australian 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 percent 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 percent of those surveyed backed Mr Albanese as preferred leader compared with 40 percent 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 percent.

However, the coalition has increased its voter share, gaining one point to 37 percent.

The primary vote also went backwards by half a percentage point for the Greens and One Nation, down to 13 and seven percent respectively, while independents also fell by one point to eight percent.

Mining magnate Clive Palmer's Trumpet of Patriots party stands at just one percent.

The YouGov poll also showed Mr Dutton retaking the lead for satisfaction among voters.

The opposition leader's satisfaction is at minus five percent, with 42 percent satisfied and 47 percent dissatisfied.

Mr Albanese's net satisfaction stands at minus nine percent, with 41 percent satisfied and 50 percent 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 percent.