Betting markets see Labor and opposition as equals

Anthony Albanese, the leader of the Australian Labor Party, is now considered equally likely to win re-election according to betting markets. Sportsbet has set both Labor and the Opposition at odds of $1.90. This shift comes after Donald Trump's tariffs on steel and aluminum unexpectedly boosted Labor's support. Earlier this month, Labor's odds were much lower at $2.50. At that time, the Coalition was favored to win with odds of $1.57. Recent polling from Roy Morgan shows Labor leading the Coalition 54.5% to 45.5%. This contrasts with earlier polls from Newspoll and Resolve that had put the Coalition in the lead. The tariffs imposed by Trump have connected Labor with increased voter support. Michele Levine, the CEO of Roy Morgan, noted that the Albanese government has highlighted this association to weaken the Opposition's position. Despite Labor not securing any exemptions from the new tariffs, the political climate in Australia is changing. In addition to Labor's new standing, Sportsbet also lists Labor as the most likely to form a minority government. The odds for a Labor majority government are currently low, at $6, compared to $4.50 for the Coalition. The Coalition needs to gain 13 seats to have a chance at forming a minority government. Currently, the Coalition is ahead in some polls like Newspoll, which indicates a 51% to 49% lead for the Coalition. An election must be held by May 17, with Parliament soon to be dissolved. Historically, no federal government has been removed after just one term since 1931.