Yes, over two years left of the three year term.
I don't know the situation in Australia too well. I remember the days when Howard won like 4 times in a row, much to the chagrin of my lefty Australian friends over in Thailand.
Right leaning governments are usually vehemently opposed by the media and entertainment establishments, so often they get off to a rocky start. I think the same is true throughout most of the West. If the Abbot government has 2 years left before having to call another election, it seems like he has time to recover. One thing is for sure, if people feel the economy is improving it tends to be a big boost for the incumbent. Perhaps dumping the carbon tax will help in this regard.