Betting market update

Bryan · Sunday 24 December 2006 · 6:40 am

This report contains another small movement in Rudd’s favour. The average of the four bookmakers suggested a 57.1 per cent probability of a Coalition government following the 2007 Federal election. (It was 57.4 per cent on 18 December 2006).

Betting market probabilities

  • For a Coalition win Centrebet would pay $1.65 and for a Labor win it would pay $2.15. The implied probability of a Coalition win at the next election is 56.6 per cent (was 57.7 per cent)
  • For a Coalition win IASBet would pay $1.68 and for a Labor win it would pay $2.15. The implied probability of a Coalition win at the next election is 56.1 per cent (unchanged)
  • SportingBet is paying $1.57 for a Coalition win and $2.30 for a Labor win. The implied probability of a Coalition win at the next election is 59.4 per cent (unchanged)
  • SportsBet is paying $1.67 for a Coalition win and $2.15 for a Labor win. The implied probability of a Coalition win at the next election is 56.3 per cent (unchanged)

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Decemeber aggregated: 55.6 to 44.4 in Labor’s favour

Bryan · Saturday 23 December 2006 · 8:05 pm

This month we had two polls prior to Rudd’s ascention and three since, although 53 per cent of those polled were before the elevation This month’s aggregation had its own internal serendipity: Labor’s primary vote prediction was the same as the Coalition’s two-party preferred prediciton — 44.4 per cent. The Coalition’s predicted primary vote prediction was 38.6 per cent.

Aggregated monthly polling

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Morgan: 59 to 41 in Labor’s favour

Bryan · Friday 22 December 2006 · 9:59 pm

The Morgan poll of 924 voters over the weekend of 16-17 December 2006 has confirmed Kevin Rudd’s landslide lead in the polls. If an election were held last weekend, Labor would have won with 59 per cent of the national two-party preferred vote. This headline prediction is the same as for the previous weekend.

The primary vote predictions were 35.5 per cent for the Coalition and 49 per cent for Labor.

The pollster’s pearls of wisdom:

Following last week’s jump in support, the ALP’s new Rudd/Gillard team have maintained its significant lead over the Howard Government — leading by 18% on a two-party preferred basis.

It will be interesting to see whether the ALP will be able to maintain this advantage into 2007, once the ‘honeymoon period’ is over.

When you have an 18 point lead in a poll — you can quibble the sample size, you can quibble the timing, and you can even quibble the inherent systemic bias — yet none of these quibbles are sufficient to turn around the underlying result. This (like its predecessor) is a bloody good poll for Labor and a shocker for the Coalition.

Howard will need to (and I suspect he will) pull out all stops to vilify Rudd and Labor at every opportunity. Even the slightest misstep from Rudd will be slammed with the full force of Howard’s ire and ridicule. If Howard doesn’t, the beautification will go unchallenged and St Kevin will win the next election.

Whereas I thought Howard would have vanquished Beazley, I find the Rudd v Howard challenge much harder to call. In 2004, Latham disintegrated because he was lazy and flakey. Rudd is neither. I suspect that even with the full impact of Howard’s considerable political skills, Rudd has achieved sufficient sanctification to win. Post honeymoon, Rudd only needs to keep one in four of those romanced by Labor since the last election to win the 2007 Federal election.

As I said, the outcome of the next election is a much harder call now that Rudd has taken up Labor’s cudgel.

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Coroner’s report on the 2003 Canberra bush fires

Bryan · Thursday 21 December 2006 · 5:44 am

The ACT Coroner, Maria Doogan, has released her report into the 2003 Canberra fires that killed four people, injured 435 people, and destroyed 487 houses.

While it is arguable that more should have been done to reduce fuel loads in the winter months of 2002, or to attack the fires more aggressively after the lightning strikes of 8 January 2003, the critical issue has always been the absence of compelling pre-fire warnings to the residents of Canberra on 15, 16 or 17 January. Given the intensity of the fires and the prevailing weather conditions, there was little that could have been done in the days immediately prior to 18 January 2003 to stop the fires. The failure to warn is addressed in Chapter 7 of the report.

From the morning of Wednesday 15 January 2003, it should have been clear to the Emergency Services Bureau that the predicted weather conditions for 17-20 January were such that the fire would burn into the Canberra suburbs. At that point, a number of clear warnings were necessary. Canberrans should have been warned: (1) a serious bush fire is approaching and it represents a significant risk to Canberra residents; (2) how to prepare their home and personal effects for the fire; and (3) they need to decide early whether to fight or flee the flames.

However, the Coroner observed,

Until the first Standard Emergency Warning Signal was sounded at about 2.40 pm on Saturday 18 January, there had been no official warnings to the people of Canberra. The SEWS message was too little, and it was delivered far too late.

More seriously, the Coroner noted,

Mr Stanhope either misunderstood or deliberately downplayed the seriousness of the situation in his comments on ABC 666 and 2CC radio station at about 3.00 pm [on 18 January], referring to the declaration of a state of emergency as ‘essentially an administrative measure’ and telling people who were obviously in danger not to be unduly anxious or alarmed.

There has always been a limited number of explanations for the failure to warn Canberra. Either the Emergency Services Bureau was incompetent in its assessment of the fire threat, and/or the ACT Government was negligent and/or incompetent in its failure to warn the citizenry of Canberra. The Coroner opted for the latter explanation. The fire threat was known and communicated in-confidence to the ACT Cabinet and to senior ACT Ambulance and Fire Brigade staff on 16 January 2003. The scale of the threat was clearly understood at the time. However, it was not communicated to the Australian Federal Police. Nor was action taken to warn Canberrans.

The Coroner’s conclusions are compelling,

My overall impression is that senior personnel at the Emergency Services Bureau lacked competence and professionalism and that the bureau was disorganised and was functioning in a chaotic, uncoordinated fashion, particularly during the most critical period of the fires. It seems the left hand did not know what the right hand was doing, and neither hand was actually doing very much to deal with a crisis that was escalating, day by day, hour by hour.

The Emergency Services Bureau had been specifically warned as long ago as 1991, again in 1994—in Mr Cheney’s assessment of the Hannan report and the later endorsement of Mr Cheney’s assessment in the McBeth report—and subsequently of the potential for a firestorm of the type experienced in 2003, but the bureau failed to implement procedures to take account of such an eventuality arising from a combination of drought, high winds, high temperatures, low humidity, an ignition source, and a heavy fuel load.

At all relevant times, as Chief Minister and Attorney-General, Mr Stanhope was responsible for the Department of Justice and Community Safety (which organisationally housed the Emergency Services Bureau). Mr Stanhope was also acting in the role of Minister for Emergency Services at the time of the conflagration on 18 January 2003 and on the previous day. As such, in accordance with the conventions of the Westminster model of responsible government, which apply in Australia, Mr Stanhope was the relevant Minister at the most critical time of the firestorm.

On Thursday 16 January, two days before the firestorm hit the suburbs, the Cabinet generally, including Mr Stanhope, knew a potential disaster was on Canberra’s doorstep but did nothing to ensure that the Canberra community was warned promptly and effectively.

To date, the ACT Government has reacted to any criticisms of it by saying it is inappropriate to criticise the hard working fire-fighters who did their best on the day. For a long time this diversionary tactic worked. The Coroner has now pierced the smoke-screen (pun vaguely intended) to apportion blame.

Betting market update

Bryan · Monday 18 December 2006 · 11:17 pm

There was less movement over the past five days, suggestive of a market approaching an equilibrium assessment of Rudd’s chances in 2007. The average of the four bookmakers suggested a 57.4 per cent probability of a Coalition government following the 2007 Federal election. (It was 57.9 per cent on 13 December 2006).

Betting market probabilities

  • For a Coalition win Centrebet would pay $1.61 and for a Labor win it would pay $2.20. The implied probability of a Coalition win at the next election is 57.7 per cent (unchanged)
  • For a Coalition win IASBet would pay $1.68 and for a Labor win it would pay $2.15. The implied probability of a Coalition win at the next election is 56.1 per cent (unchanged)
  • SportingBet is paying $1.57 for a Coalition win and $2.30 for a Labor win. The implied probability of a Coalition win at the next election is 59.4 per cent (unchanged)
  • SportsBet is paying $1.67 for a Coalition win and $2.15 for a Labor win. The implied probability of a Coalition win at the next election is 56.3 per cent (was 58.4 per cent)

The usual graphs are here. You may need to hit the refresh or reload button on your browser to see the latest graphs.