Prime Minister John Key says the handling of some controversial issues for his Government may have led to its popularity sliding below 50% in the latest ONE News Colmar Brunton poll.
The results showed the National party had its lowest support for two years, down four points from November last year to 47%.
"Essentially that's what we polled on election night, you're hardly going to pull the rip cord because you've got a political poll that shows you at the election night result," Key said.
"But I don't think you can take away from the fact that there are plenty of big issues out there."
Since the election Key's Government has weathered some difficult issues such as a deal with SkyCity for an Auckland convention centre, the John Banks donation saga and the resignation of Cabinet minister Nick Smith over the ACC affair.
In the past week alone students and teachers have both reacted to the Government's Budget with protests and possible strike action possible.
"We've been confronting those issues and there's been a degree of challenge and some controversy about them but I think the country's heading in the right direction and I'm very confident we can tackle them well," said Key.
Labour and its fledgling leader David Shearer have picked up momentum in the poll, rising from 29% support to 33%.
The Greens have also climbed two points to 13%, while New Zealand First is down one point to just 2%.
Act, the Conservative, Maori and Mana parties all remain steady on 1%.