The poll shows Ardern has dropped 10.6 percentage points to 38.4 per cent in the preferred Prime Minister ranking.
Despite the drop, Ardern is still well ahead of National Leader Simon Bridges on ranking – he jumped 2.5 percentage points to 6.7 per cent.
Tonight's poll is also bad news for New Zealand First which, although jumping 1.2 percentage points to 4 per cent, is below the 5 per cent threshold.
Based on these numbers, the party would not return to Parliament after the 2020 election.
The Greens were steady on 6.3 per cent and Act almost doubled its support to 1.4 per cent.
This would mean the party would get another MP, taking its total number to two, assuming its leader, David Seymour, again wins his Epsom seat.
But, based on the numbers, Labour and the Greens would still have the numbers to govern.
The poll translates to Labour getting 54 seats and Greens getting eight – taking them to a total of 62.
To form a Government, a collation needs 60 seats. National and Act would have a combined total of 58 seats.
Tonight's numbers bring Newshub's poll more in line with 1News' Colmar Brunton poll.
That poll, taken in July, had National on 45 per cent, Labour on 43 per cent, and the Greens on 6 per cent.
Tonight's poll comes off the back of Ardern's trip to New York, where she spoke at the UN.
While in the US, she met with US President Donald Trump and also appeared on The Late Show with Stephen Colbert.
But it also comes after Labour has struggled with a number of scandals, including an investigation in sexual assault.
The poll also captures the KiwiBuild reset and the ongoing Ihumātao saga.
Speaking to Newshub Ardern said there is nothing she would have done differently.
Bridges would be happy with the poll but it shows National needs a potential coalition party partner to govern.
"We'll definitely have options in 2020, watch this space," he told Newshub.
Before the 2017 election, Act was a collation partner with National. Its leader, David Seymour, said that could be on the cards again.
"The National Party have been looking for friends and I've said to them, we've been here all along.''