Today's Newspoll figures show Opposition Leader Tony Abbott closing the gap on Kevin Rudd as preferred prime minister.

While Mr Rudd remains preferred prime minister, the poll, published in The Australian newspaper, shows the margin between the pair has narrowed.

The Newspoll comes amid continuing speculation over Mr Rudd's leadership as MPs arrive back in Canberra for what could be the last sitting week before the federal election.

Support for Mr Abbott jumped four percentage points to 37 per cent, while Mr Rudd's popularity dropped three points to 46 per cent.

Mr Abbott is now the closest Liberal leader in the preferred prime minister stakes since Mr Rudd was elected.

Labor has edged slightly further ahead in the two-party preferred stakes, leading the Coalition 52 to 48 per cent.

Newspoll's Martin O'Shannesy says nothing has been gained for the Government or the Opposition's voting position.

"Another tough couple of weeks for Prime Minister Rudd, and Tony Abbott discovering the value of a low-profile target position, has led to the only major change in the poll, which is an improvement in Tony Abbott's better prime minister position," he told AM.

Mr Rudd says fluctuating polls are inevitable.

"The business of economic reform is tough and you're going to lose some paint on the way through," he said.

"That's what being a government committed to the nation's long-term strength and economy is all about."

Government frontbencher Craig Emerson says Mr Rudd can turn the poll results around before the election.

"The truth is Labor governments have been in this sort of position before," he told AM.

But Finance Minister Lindsay Tanner has conceded the Government is taking a "belting" in the polls.

"We've got a lot of challenges in front of us and we're just endeavouring to do the right thing by the nation in trying to make sure we build a prosperous economy and develop long-term sustainable growth for Australia," he said.

"Now, we know things sometimes go awry, and one or two things have gone awry, and we're getting a bit of a belting for that."

The poll also comes as the Government continues its bitter battle with the mining industry over the controversial resources tax.

But Mr Rudd had a win yesterday when the Government announced that it had reached an $11 billion agreement with Telstra over the National Broadband Network.

However, Mr Rudd has continued to face questions over whether he would step aside and let Julia Gillard take over if Labor's prospects do not improve.

Last night he told the 60 Minutes program he would be leading the party to the next election.