Aly describes a political landscape that has been deteriorating for Labor for some time, noting declining polling numbers for both the government and Anthony Albanese personally. He writes that One Nation's support is now "baked in" and beginning to erode Labor's margins, having already weakened the Coalition.
He observes that in terms of actual parliamentary seats, Labor has been in a "protective cocoon" that could now become vulnerable. Aly points to interest rates reaching a 15-year high this week and still-high inflation figures that raise the prospect of further rate increases.
The column contends that the Greens, once an anti-establishment force, now appear to be part of the establishment. The article is truncated in both the Brisbane Times and Sydney Morning Herald versions, but the full opinion piece was published on October 2, 2026.