Interesting thing is the Murdoch media which used to back Howard before threw its support behind Rudd and the Labor party. This played a significant role in Howard’s defeat.
Murdoch media is also capable of similar manipulations in the US elections.
Murdoch likes to be seen to support the winner. Backing losing causes is not good presentationally, nor does it gain influence.
The same was seen in the UK in 1997 and since where his papers all endorsed Tony Blair.