While the result was poor for Labor, it should be seen in context. At the 1998 election after 13 years in opposition prior to their 1996 victory the Liberal Party lost the 2 party preffered vote but retained office by holding the marginals. Labor at this election will either just survive or just fall having won the 2 party preferred vote, but having lost the marginals (primarily in Queensland). If the ALP holds Hasluck (unlikely but not impossible), they will form government.
