Federal Election: Money behind Labor as polls show Scott Morrison wipeout

With less than three weeks until BBQs across the country will fire up for democracy sausages, the betting markets are loving Labor with polls showing the prime minister in peril – at least for now.

The Opposition is leading the Liberal-National coalition by 53 per cent to 47 per cent on a two-party preferred basis, according to the latest Newspoll published on Monday.

If that was replicated on May 21, the Coalition could lose 10 seats.

Scott Morrison and Anthony Albanese pictured on the election campaign trail.
Cash is pouring in to back Labor amid stubbornly stable polling. Source: AAP

Given it currently has the minimum number of seats to hold majority government (76), losing 10 would cast the Coalition into the political wilderness.

Asked if it was time for a change of government, the Newspoll of 1538 voters, taken between April 27 and April 30, found 56 per cent agreed and 44 per cent said the Coalition should be returned.

A Resolve poll of 1408 voters published in Nine newspapers on Monday closely mirrored the Newspoll result, finding Labor leading on a two-party basis at 54-46.

While much is made of the personal unpopularity of Scott Morrison, he continues to poll as the preferred prime minister.

In Newspoll, 45 per cent of respondents believed Mr Morrison would make the better prime minister, against 39 per cent for Mr Albanese.

In the Resolve poll, Mr Morrison was ahead on the same measure at 39 per cent to 33 per cent.

Coalition is 'friendless' in betting markets

After briefly getting theirs noses in front in some betting markets in mid-April, the Coalition has again fallen behind with Labor regaining its commanding lead.

"Coalition were favourites for about three hours and since then, it has been one way betting for Labor," Richard Hummerston from online bookmaking agency BlueBet told Yahoo News Australia.

"We’ve taken some big bets of $2500 for Labor, while the coalition have been friendless in betting the last week or so, even at this bigger price, we haven’t been seeing much interest."

On BlueBet, the Coalition briefly edged in front shortening to odds of $1.85 on April 19. However on Monday, Labor stands at $1.38 to win the May 21 Federal Election while the government has blown back out to $3.05.

Mr Hummerston said punters have been quite responsive to slip-ups during the campaign.

"No matter who you’re backing, if you wait long enough you will get the price you want.

"Just need to wait for one of them to make a mistake and the odds just take off."

On Sunday, Labor held its official campaign launch unveiling a shared-equity scheme to help first home buyers get into the market, as well as a pledge to prove cheaper access to medicines and to roll out charging stations for electric vehicles.

The Coalition is due to hold its campaign launch unusually late in the campaign. On Monday, it said under its government an extra 50,000 older Australians will get access to the Commonwealth Seniors Health Card.

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