Australian political discourse is dominated by ahistorical hyperbole, every election defeat is a landslide, every consecutive electoral loss indicates complete political marginalisation, every poll slump is a crisis, and every struggling leader is the worst ever. Australian Labor is not faring well but we need to distinguish between the ebbs and flows of the political cycle and the fundamentals. Australian politics may be approaching a fundamental break. The political era that began in the early 1990s may be coming to an end and with it Labor's hegemonic position in Australian politics that has endured since Gough Whitlam.