We won’t know if the RBA Board has actually raised rates until tomorrow, so the vast volume of comment on the topic remains, essentially, speculation on speculation of a rate rise. Matters are much more complication for the Coalition. Rate rises are complicating their campaign.

Peter Costello sidestepped questions on the subject when he talked to ABC Radio this morning.

“It’s all very well for Mr Rudd to say he’s an economic conservative. Julia Gillard’s even an economic conservative now, and who knows what Wayne Swan is,” he said.

“These people weren’t economic conservatives when the budget was in deficit and Australia had $96 billion of debt.

“It was my job to fix the debt and deficit and they seem to think they can inherit the results.”

The Prime Minister was forced into convoluted explanations yesterday – explanations and expositions on the history of economic policy in this country over the past quarter century or so. The Coalition has its pitch, but it’s risky. Bad economic news might work in their favour. It might also be the final straw – something the punters can seize upon to justify their decision to change their vote.

It’s much easier to be the opposition in these circumstances. All the polls suggest that the punters want a change.

All Kevin Rudd has to do is keep talking on about “A positive vision for the nation’s future” – and doing bugger all that will scare the horses.