With Labor bleeding support in the polls, supporters hope the Reserve Bank's interest rate cut can turn the political tide in the party's favour.
But polling indicates one rate cut will not sway most voters.
Four in five Australians say a cut would have no impact on their voting choices, YouGov polling has found, prompting calls for targeted action on drivers of the cost-of-living crisis.
"The party best placed to win the election will be the one that addresses the real concerns of working Australians who live in the outer Sydney and Melbourne electorates that will decide the election," YouGov director of public data Paul Smith told AAP.
"People regard the cost of living as being caused by large corporations like banks and supermarkets and energy companies ... being able to put up prices and charges without constraints.
"This is what they're looking for action on."
More than half of Australians blame the growing cost of living on corporations, while roughly 30 per cent point the finger at the government and about 20 per cent note international circumstances, YouGov has found.
Opposition Leader Peter Dutton has touched on these pressure points by threatening to break up the insurance sector and big supermarkets.
Labor, on the other hand, has proposed reworking merger rules as it claims divestiture could result in closures and job losses.
But these issues have not returned to the spotlight as the government has preferred to focus on its achievements in cost-of-living relief for individuals via tax cuts, wage rises in some sectors and most recently, the Reserve Bank's decision to cut its cash rate by 25 basis points to 4.1 per cent.
The lowering of rates will result in a monthly saving of about $80 for those with a $500,000 mortgage, and Prime Minister Anthony Albanese welcomed the hip-pocket boost.
"People are still under financial pressure, but Australians have worked hard for this outcome, and Australians deserve praise and support for what they have done," he told reporters in Sydney on Wednesday.
"These have been difficult times.
"Australians had to endure COVID and then the impact of global inflation, but what we are seeing is that we're heading in the right direction."
While there had been speculation a rate cut could trigger an election for late March or early April, Treasurer Jim Chalmers said preparations were still being made for a federal budget, slated to be handed down on March 25.
"My job is to obsess over what's happening in the economy, the prime minister will work out the election date - it will be at some point in the next three months," he told the Today show.
"We know that people are still under pressure and that's why if we can do more, in a responsible way of course, we will consider doing more."
The RBA is due to hand down another rates decision at the beginning of April, but governor Michele Bullock has all but ruled out another cut before the election as the central bank would need to assess quarterly inflation data, which won't be published before its next meeting.
The rate cut has been "too little, too late" for many households, shadow treasurer Angus Taylor said.
"Australian families have had to cut back on their spending, take on extra jobs, in some cases, extra hours to make ends meet," he told Sky News.
"The hard work is being done by households when the hard work should have been done by the government."
But the prime minister took aim at the coalition, saying the opposition had been downcast at the rate cut.
"Angus Taylor looked like someone had run over his cat in the driveway yesterday. He looked so disappointed," Mr Albanese said.
"It's in the interests of families ... that we have that positive approach towards Australia's future."
