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Gillard calls election; bookies reckon she'll win

ABOVE: Time for a moment of quiet reflection before pulling the trigger. BELOW: Official ALP image of Ms Gillard with her new Apple iPad.

Australian Prime minister Julia Gillard has called a federal election for August 21.

If the bookies can be believed, Ms Gillard's June coup against Kevin Rudd has turned her party's fortunes around.

The latest opinion polls show Ms Gillard's party only narrowly ahead.

But bookies see a more decisive result.

Centrebet has Centrebet has the ALP at $A1.22 favourite to win, the Age reports, compared to $A4.10 on offer for Tony Abbott's opposition.

Other agencies have placed similar odds.

Today's moves have already appear to validate the skills of one tipster John Key. The prime minister predicted an Australian election within six weeks back on June 28.

MORE:
NBR analysis: Gillard’s early moves show acumen
The Australian: Gillard sets August 21 Australian election date
The Age: Gillard rushes toward day of destiny 
Sydney Morning Herald: Gillard seeks mandate 'to move Australia forward'
Reuters: Latest polls point to whisker-close election

Comments and questions
2

Of course, Kiwis can easily trade this contract on our own political stock market, iPredict. There, Labour's running around 80% chance of winning.

Has anyone asked Paul the octopus yet??????????