Labor ready for early election: Bowen

Shadow Treasurer Chris Bowen says Labor is ready for an election this year if Prime Minister Tony Abbott calls an early poll.

Although Mr Abbott says he wants to go the full three-year term there is speculation he intends to call a vote this year and Mr Bowen says Labor is ready for anything.

"If the prime minister is so panicked that he wants to call an election this year and he thinks that's a sensible strategy, we're ready," he told Sky News.