I can see you're not a betting man Dave - in a two horse race saying "odds on" really doesn't mean much - Labor is already "odds on". If the coalition was paying $10 you'd expect Labor to be about 1/10 - ie paying $1.10 - so the second half of your sentence was unnecessary.
Maybe you're more of a pokies man. You sound it.
just noise from the libs, page-4
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