Tony Abbott on a poll high as support for Kevin Rudd drops Prime Minister Kevin Rudd has claimed Tony Abbott and the Coalition planned spending cuts that would be so savage they would plunge Australia into recession next year. TONY Abbott is on track to comfortably win the September 7 election as Labor's support drops to its lowest level since Kevin Rudd's return as Prime Minister. Today's Newspoll also reveals Mr Abbott's approval rating has risen to a two-year high while voter dissatisfaction with Mr Rudd has soared by a massive 18 points in seven weeks. After losing ground in the first two weeks of the election campaign, Labor last night stepped up its negative advertising against Mr Abbott's spending cuts with a new TV attack saying "if he wins, you lose." And Mr Rudd claimed Coalition plans to "cut, cut and cut" would throw Australia into recession next year. The Newspoll, published in The Australian, shows Labor's primary vote at 34 per cent, down one point in the past week and four points lower than the high of 38 in the days after Mr Rudd replaced Julia Gillard as PM. Support for the Coalition has climbed to 47 per cent, up one point. The Greens fell two points to 9 per cent. In two-party terms, the Coalition enjoys a 54-46 per cent lead and, if repeated across the board on election day, Labor would lose 14 seats. In early July, the parties were tied at 50-50. On the question of preferred PM, the honeymoon is over for Mr Rudd. After his return, he was ahead of Mr Abbott by 49 to 35 per cent but in the latest poll is 43-41. The biggest hit has been to Mr Rudd's personal standing. In the past week, his satisfaction rating fell four points to 35 per cent. His dissatisfaction rose six points to 54 per cent and has jumped by 18 points since early July. Mr Abbott's satisfaction climbed three points to 41 per cent - the first time he has been above 40 per cent since July 2011. His dissatisfaction rating dipped one point to 51 per cent. It comes as an exclusive Galaxy Poll for the Herald Sun shows voters are losing confidence in both major parties to manage the economy, although the Coalition holds a strong lead over Labor. The Galaxy Poll of 1056 voters found the Coalition were considered best by 45 per cent, down three points and Labor were rated best by 33 per cent, also down three. More than one in five could not decide which party would best manage the economy. Galaxy Research managing director David Briggs said the rise in undecided voters from 16 to 22 per cent was significant. "The rising level of uncertainty could be a consequence of the Coalition being slow to release the detailed policy costings that would allow voters to better gauge their fiscal responsibility," he said. In Sydney yesterday, Mr Rudd pulled a $5 and $50 note from his pocket saying Mr Abbott was "putting $5 into the pocket of some Australians and then taking $50 out of the pocket of all Australians." "If Mr Abbott proceeds with his $70 billion worth of cuts, and we can only assume he will, ... he runs a very grave risk in 2014, if he is elected, of throwing this economy into recession," Mr Rudd said.