It also shows Opposition Leader Anthony Albanese has enjoyed a lead in net approval over Prime Minister Scott Morrison for the first time since March last year.
The poll conducted for The Australian shows 47 per cent of voters believe Labor will form the next government following an election expected in March or May.
Just 37 per cent expect the Coalition to be returned for a fourth term.
Labor leads the two-party preferred race over the Coalition, 53 to 47 per cent, on a primary vote of 38 per cent.
The Coalition primary vote fell a point to 36 per cent while the Greens also lost a point to finish the year on 10 per cent.
Pauline Hanson’s One Nation improved a point to 3 per cent with other minor parties also gaining a point to 13 per cent.
Scott Morrison dropped a point as the preferred prime minister to 45 per cent and Opposition Leader Anthony Albanese lost two points to 34 per cent while 19 per cent were uncommitted.
The poll showed 44 per cent of those polled were satisfied with Morrison’s performance while 52 per cent were dissatisfied – a net negative approval rating of minus eight.
Albanese’s approval rating lifted two points to 39 per cent while those dissatisfied fell three points to 45 per cent – a net negative approval rating of minus six.
This is the first time Albanese has enjoyed a lead in net approval since March last year.Jump to next article