But the results are even more dire for the coalition, with the much-respected Newspoll showing backing for the opposition falling to a historic low of 17 per cent.
Labor has reclaimed a narrow lead in both the Newspoll and Redbridge surveys, released on Sunday night.
Newspoll, published by The Australian, has Labor on 33 per cent (up three), with One Nation on 29 (down two) and the Greens on 14 (up two).
The Redbridge poll had Labor on 30 per cent support (up two) compared to One Nation's 29 (down two), with the Coalition on just 18 (down two) and the Greens on 14 (up two).
That poll, reported in the Australian Financial Review, also showed Senator Hanson's net approval falling 10 points from a neutral position to be -10.
Cabinet Minister Murray Watt said the polls could be expected to bounce around between now and a federal election two years away.
"We have seen a bit of a change in the public mood towards One Nation since Pauline Hanson's press club speech," he told ABC News Breakfast on Monday.
"That speech was a bit of a reality check for a lot of Australians who were thinking about voting for One Nation, because they got to see that as much as people are under pressure at the moment, things could get worse under One Nation with all the cuts they were talking about imposing."
Labor has been battling for post-budget credibility after breaking promises on tax.
Opposition Leader Angus Taylor said voters were "angry" at the system, and while he took the polling seriously, the election was still a way off.
"But we do know that we've got some real work to do to rebuild trust with the Australian people and that takes time," he told 2GB radio.
The polls are the first major surveys since Senator Hanson's speech at the National Press Club which dominated news cycles in the days following its delivery.
The One Nation leader criticised paid parental leave and suggested Australia should reject what she described as a failed policy of multiculturalism and instead become a "monoculture".
She later claimed the Socceroos - whose squad includes migrants and former refugees - were a monoculture because they represented Australia.
The One Nation leader has also copped a blast from Paul Hogan, who Senator Hanson personally cited as an "essential feature of Australian monoculture" in her speech.
"She's a pelican," the beloved US-based actor and comedian told the AFR at the weekend.
"Outrageous, so racist. It sounds very much like this stupid boofhead over here, Trump."
In the fortnight since her press club appearance, Mr Taylor also struggled to articulate his party's position on multiculturalism alongside its own hard-line immigration policy.
The coalition is in a concerning position according to polls, sitting well below the 32 per cent support it received at the 2025 election.
It will use the final sitting week before the winter break starting Monday to ramp up its criticism of the government's changes to capital gains tax and negative gearing.
That will include a so-called "widow's tax" affecting jointly owned investment properties, which under Labor's changes could see an owner lose concessions if widowed or divorced.
Debate is also certain on the child social media ban and gambling reform, given Labor is expected to table legislation for both this week.
In a bid to improve compliance with the social media age limit, the nation's online watchdog will be given stronger enforcement powers, while the maximum fine for platforms that don't comply will be doubled to $99 million.
On gambling, the federal government's long-awaited crackdown on betting ads advertising will be introduced, but it is not expected to pass before politicians return to their electorates.
