Good luck Prime Minister Rudd. He’s required to call an election this year and timing couldn’t be worse.

Jobs growth in the last quarter was higher than expected. And for the first time, seasonal workers weren’t the cause – December saw unusually high ad placements for permanent roles. The Reserve Bank already raised interest rates three times last year. They meet again in early February and everyone sees a rate rise as an eventuality.

Then today reports were printed of our exports. Hold on to your seat – nationally they rose 23% last year over the previous year. In minerals-rich Western Australia the growth was highest. Even Queensland racked up a 48.3% increase. The only decline was in South Australia which suffered due to a slump in automotive sales and wine consumption. (Beware in Adelaide of car salesmen out commiserating on cheap wine.)

At the same time the drop in new house starts over the last year means rental units are all but gone. Some suburbs report vacancy rates of 1.2%. Ask an out-of-home renter how easy it is to secure lodgings.

Amidst all this froth and bubble the government goes up for re-election.

But wait – don’t people normally vote with their wallets? If we’re doing good we figure keep the power in place, right? But what if we’re doing too good? What if mortgage rates are rising – and fuel, grocery, utility and other bills are also on the rise? What then?

It will be a tough campaign year for both parties. Each has to show they can strategically apply the brakes – while keeping the good news coming. We’re all for good news. Just don’t give us too much, okay?