Clock ticks for Anthony Albanese as Labor Party contenders bide their time

Treasurer Jim Chalmers and Prime Minister Anthony Albanese on the Queensland election trail on Tuesday. Picture: Steve Pohlner

Anthony Albanese’s $4.3m investment in a luxury clifftop home is looking increasingly prudent, given the likelihood next year’s election could be his last.

Even if the Prime Minister scrapes home in a hung parliament result, backed by Greens and independents, the clock is ticking for the millionaire battler.

In a move that left his own MPs stunned by their leaders’ lack of self awareness and political nous, Albanese has abandoned his “log cabin” public housing upbringing for a new oceanfront persona.

Albanese, who qualifies for the outrageously generous pension scheme after almost 30 years as a career politician, has spooked Labor MPs worried about the government’s standing and about winning their seats.

While it’s unlikely rivals would move to oust him even if Labor remains neck and neck with the Coalition heading towards the election, Albanese’s political capital has rapidly eroded since his failed Indigenous voice referendum.

Kevin Rudd’s leadership rule changes, which exist because of the former prime minister’s bitterness at his own removal by Julia Gillard, make for a less democratic process as future spills will likely involve preordained successors to avoid ugly campaigns.

Albanese’s cabinet room is full of ambitious players who view themselves as next in line.

Two viable options for Labor are Jim Chalmers and Tanya Plibersek.

Among members of Albanese’s leadership group, which includes Richard Marles, Penny Wong, Katy Gallagher, Tony Burke, Don Farrell and Mark Butler, Chalmers is considered the odd man out.

In contrast to other members of Albanese’s inner circle of power, Chalmers doesn’t have a close relationship with his leader.

He scored a major internal win last summer after Albanese backed down and green-lit the breaking of an election promise in overhauling stage three tax cuts amid plunging support following the referendum and immigration scandals.

Chalmers, who has claimed consecutive surpluses but lacks friends in cabinet, is now working up negative gearing options with Treasury.

Albanese, who doesn’t believe changing negative gearing will fix the housing and rent crisis, is under pressure from some Labor MPs to be more courageous on bold policies to fight the Greens and Coalition.

In his 2022 campaign launch speech, Albanese promised Australians that power prices and mortgages would be “cheaper” under Labor, and that voting for his party would elevate “hope and optimism over fear and division”.

Voters have lost faith in Albanese’s ability to manage the cost-of-living and housing crises.

Albanese, 62 in March, will fight to the end but the chance of him running for a 12th term in 2028 is unlikely.

Cracking a can of Albo Pale Ale on his central coast deck in coming years, the left-wing warrior will have plenty of time to reflect on the most thankless, high-pressure job in the country.