It seemed unthinkable just a few months ago, when Malcolm Turnbull enjoyed a commanding lead in the opinion polls.

But with the federal government's two-party-preferred vote in the Fairfax-Ipsos poll tightening from a 56 per cent to 44 per cent lead in November to 53 to 47 in March - and Labor leading 51 to 49 in last week's Newspoll - the unthinkable might happen.

It's less than three years since the end of the 43rd Parliament - which former MP Robert Oakeshott described as "beautiful in its ugliness" - but another hung parliament could happen. Labor, still a rank outsider, might even snatch a surprise victory.

As Victorian crossbench MP Cathy McGowan puts it: "There's never been a more exciting time to be an independent."