Two months out from the state election, Mr Perrottet says he has no intention of quitting amid fallout from his disclosing of the controversial costume choice on Thursday amid rumours about the 2003 party.
Senior lecturer Nasya Bahfen from La Trobe University's school of politics, media and diversity said she was undecided on whether the premier would survive politically.
"He is the premier of a state where there is a significant number of Holocaust survivors," she said.
If Mr Perrottet is punished at the ballot box for his mistake, the damage would likely stick to him and not hurt the Liberal party, she added.
"It really just boils down to the fact that people will look at it in an abstract manner," Dr Bahfen said.
"They'll know, in the abstract, that what he did was terrible.
"But they're not going to see it as having any sort of impact on the price of fuel or other things that they deem as mattering to them in their day-to-day life."
While senior coalition MPs publicly backed the premier on Friday, one prominent member of the cross bench called for Mr Perrottet to resign immediately.
Shooters, Fishers and Farmers boss Robert Borsak, whose Polish father was detained in concentration camps in Poland and Germany, said the premier could not apologise his way back to integrity.
"I'm not offended by the actions of premier Perrottet, I am disgusted," he said.
Mr Perrottet on Friday said he had received overwhelming support from colleagues since confessing to his "mistake", which he described as the result of naivety.
Asked if he was confident of leading the Liberals to the March 25 election, Mr Perrottet answered with a terse "yes" several times.
Senior coalition figures including Nationals leader Paul Toole, deputy Nationals leader Bronnie Taylor and potential Liberal leadership rival Matt Kean have publicly backed Mr Perrottet.
Independent MP for Sydney Alex Greenwich told ABC Radio there was no excuse for Mr Perrottet's actions, while Greens MP Jenny Leong said fascist extremism was not a joke.
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