THE POLLS say Labor is back from the brink following the Lazarus-like rising of Prime Minister Kevin Rudd.
Bookmakers are also tipping a knife-edge election result with the government firming sharply to be returned.
Online betting agency Luxbet said punters reacted quickly to Kevin Rudd's ballot win over Julia Gillard for the Labor leadership with the ALP crunched from $8.50 into $4.25 to win the next Federal election.
The Coalition remains favourite to win but has eased from $1.08 to $1.18 with the Centrebet organisation posting $1.20.
Reports say the bookies are getting far less takers for the Liberal-National Coalition than before the Rudd revival.
However, the punters are still looking for better odds in the seat of Cowper with sitting Nationals member Luke Hartsuyker equal to the hottest of any favourites across the land to retain his seat.
On Sportsbet.com.au Mr Hartsuyker is a red hot raging $1.01 fancy, the shortest possible price.
In contrast, Country Labor candidate Alfredo Navarro is accessed as a $12.00 chance to cause a boilover.
While no individual market has been framed to include Greens candidate Carol Vernon or Palmer United Party hopeful Rod Jeanneret, they may be included with any independents or others still to nominate as $34.00 outsiders.
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