Prime Minister Tony Abbott has backed treasurer Joe Hockey as the embattled government fights to arrest its plummeting approval rating.

Facing some tough questions from Karl Stefanovic on TODAY this morning, Mr Abbott brushed off the results of a new poll that shows the Coalition lagging eight points behind their Labor counterparts on a two-party preferred basis.

Mr Abbott himself sits seven points behind Bill Shorten as preferred Prime Minister.

“Sure, the polls aren’t so great,” Mr Abbott said.

“No one ever said the task of budget repair would be easy.”

The Prime Minister lamented what he deemed “budget sabotage” from Bill Shorten and the Labor opposition, prompting a grilling in response.

“With respect, you were fairly feral in opposition weren’t you?” Stefanovic probed.

“Isn’t he just doing what you did and why would he do anything different when it worked for you?”

Stefanovic highlighted the government’s problem in selling its budget measures to the Australian public.

“No one is buying what you are selling, what you are laying down and that’s the problem,” he said.

When pushed by the TODAY host on the “shambles” of a budget, the Prime Minister was measured in his praise of Mr Hockey.

“Joe’s doing a fine job, all of my front bench colleagues are doing a fine job,” he said.

“Of course [his job] is safe.”

Do you think Tony Abbott is doing a good job as prime minister? Yes 11646 No 30240

It has been a tough few weeks for the PM, under fire for breaking an election promise not to cut funding to the ABC and being forced to backflip on a plan to cut Defence allowances.

Education Minister Christopher Pyne also announced yesterday the deeply unpopular plan to apply real interest rates to student debts had been dropped.

Instead, Mr Abbott today pointed to his government’s repeal of the carbon and mining taxes, the stopping of illegal boat arrivals and his handling of foreign policy issues.

“I think the Australian people can be very confident that they’ve had a good year under their belt,” he said.

“I say to the people of Australia: we are delivering for you.”