Anthony Albanese has turned to the Clinton-era catchphrase “it’s the economy, stupid” to explain why voters are flocking to One Nation.

As the second poll in a week shows the minor party overtaking both the Coalition and now Labor on its primary vote, the Prime Minister tried to focus on a positive vision for Australia’s future.

He declared Australia was already great – an echo of the Donald Trump slogan “make America great again” that has been seized upon on One Nation merchandise – and said he understood that many people did feel the system wasn’t working for them and were looking for alternatives.

“To paraphrase, it’s the economy, stupid. It’s always the economy that sets the parameters for debate,” he said when asked if financial stress among young Australians was behind the rise in the extreme right and left.

One Nation was the first choice for 31 per cent of people in the Newspoll published on Monday, ahead of Labor on 30 per cent and the Coalition on 18 per cent.

Labor’s primary vote has gradually edged downwards from 33 per cent in February, while the Coalition’s has oscillated between 18 and 21 per cent in the Newspoll survey.

Last week, a Redbridge poll also put One Nation’s primary vote ahead of both major parties.

Mr Albanese said he respected the Australian people and their judgement.

“Quite clearly … many people feel that the system isn’t working for them, that they’re working for the economy, not the economy working for them, that they’re working hard, struggling to save, can’t get their own roof over their head,” he said.

“(This) was the backdrop of the decisions, hard decisions that we made on the Budget.

“I certainly want a great Australia, and I think that’s what we’ve got.”

One Nation MP Barnaby Joyce said the polling should confirm to Labor “what trouble you are in”.

“That polling is the sentiment of the people,” he said on Monday morning.

“Even though you’ve got 489 support staff and the Liberal Party got 89 support staff, we have merely four with six people in the Parliament and they’re still giving us the polling, they’re giving because they’re so underwhelmed by what you do, they’re underwhelmed by the fact that you lied to them before the budget and then did something completely different so they can’t trust you.

“They feel that their life just does not change.”