Anyone on the conservative side of politics that thinks we're a chance of winning the next Federal election is, pretty much, dreaming.
And the election will be held soonish.
Here's the Betfair market on the election date:
Now, there's only $700 in the pool and the reason is that nobody wants to put any money into betting against an election date that has already been decided by the government. Sportingbet has a market on the exact date of the election. August 28 is at $2.50, which is pretty short.
Supporting the government's decision to go early is internal polling that shows they've got a strong, election winning lead.
That's reflected in the Betfair market:
Prior to the last election Labor had a healthy lead in the opinion polls and the price available was only a little bit shorter than what it's currently at, which seems to suggest similar polling numbers.
Therefore, my prediction is that the election will be on August 28 and the government will be returned with a 52-48 result.
Friday 2/7/10 UPDATE:
All of the money on the betting markets has been for an August 14 election. Sportingbet has that data at $2.10 and August 28 at $2.75 so I predict that the election will be called this weekend for one of those two dates.