Four weeks in, and with the two parties neck and neck, this ought to be an exciting point in the election campaign. But thanks to Turnbull’s trickiness* of calling a double dissolution requiring eight weeks of campaigning, it’s anything but. Still, it seems like a good time for some horse race commentary, partly repeating what I’ve said before.
* First, taking the horse race analogy seriously, the behavior of betting markets is as if two horses had run neck and neck in a dozen minor races, but one was still the overwhelming favorite for the big done. To spell this out, the polls have been virtually level pegging for many weeks, but the betting markets have barely moved. On past history, the two will converge by election day. If, as I expect, that means the betting odds will move towards the poll, this campaign will count as a major piece of evidence against the idea that markets are good aggregators of knowledge. And, of course, the converse is true
* Second, the likelihood of a deliberative Parliament, with neither major party having a tame majority is increasing all the time. That’s a good thing in the abstract; how good depends on whose votes turn out to be critical
* Third, the one consistent trend has been the precipitous fall in Malcolm Turnbull’s standing across a wide range of measures. Whatever happens on election day (short of a surprise LNP landslide), I don’t expect Turnbull to be PM a year from now.
* To be sure, Julia Gillard’s attempt to hold on to her leadership by calling an election eight months in advance makes Turnbull look moderate. But that was an absurdity doomed to fail, as it did.