Before we all pencil in an early election on the back of the best received budget in memory, let's remember it was also one of the greatest escapes in Australian political history.

The glowing endorsement for Joe Hockey and Tony Abbott's "have a go" budget is all relative, and must be viewed in context, last year's effort being one of the worst-received budgets since polling began.

On all the usual measures of whether voters think the budget is good for them, and fair and good for the country, this one is among the better received budgets in a generation, but by no means the stand-out.

But compare it with last year's reception and you get an indication of how politically clever Hockey's Houdini budget is in assuaging the disaffected, from tradies and middle-income families to pensioners.

Seventy-four per cent of voters thought they would be worse off under last year's budget; this year's figure is 33 per cent. Sixty-three per cent said last year's was unfair; compared with 33 per cent this year.

The poll numbers that are most extraordinary concern the standing of the Coalition and the prime minister, who has gone from a history of horrible numbers to something resembling a clean slate.

It is almost as if voters are prepared to wind back the clock 12 months, before almost two out of every three consistently disapproved of Abbott's performance and a clear majority favoured Labor in their two-party preferred voting intention.

Having endured a net approval rating (approval minus disapproval) worse than negative-20 for much of the last year, Abbott now has a rating of minus-eight, only marginally worse than Bill Shorten's minus-four.

Most significantly, Abbott is back as preferred prime minister and the Coalition is on level pegging on two-party terms (with a healthy primary vote of 43 per cent), after trailing Labor since the budget pre-publicity last year provoked a backlash.

This is the product of a slow and steady consolidation since the Prime Minister resolved to change the style of his government and dump unpopular measures after a motion calling for a leadership spill received 39 votes in February.

The biggest gains are across the board in his home state of New South Wales, but Abbott still has work to do among female voters, young voters, and in Victoria and South Australia in particular.

And he still faces a challenge in negotiating cuts to family payments to fund the childcare boost in the budget, with 47 per cent of voters opposing this approach, and opposition stronger among young women on low to middle-incomes.

The early election argument is based on the view that the Coalition will not be able to deliver such a nakedly political budget next year without being exposed as being economically irresponsible.

Abbott will not be able to entertain rushing to the polls until he has demonstrated over a sustained period of time that he can maintain the discipline, cohesion and responsiveness to the concerns of voters he has shown in recent months.

This is a big challenge, but not nearly as big as the one facing Bill Shorten, an opposition leader who is seen by many as having failed to capitalise when the Prime Minister was on the ropes. He no longer has the advantage of facing a government that is its own worst enemy.

The message from voters is that both sides are on notice and the new contest starts now.