The debate, which would focus on economic management, looks likely to go ahead after Liberal leader Tony Abbott agreed in principle to the meeting.
However, both leaders differ on how and where the debate will occur, and with just over 72 hours of campaigning left, it is possible voters could be left wanting.
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The contentious and seemingly omnipresent issue of border protection came to the fore again today, with Prime Minister Julia Gillard pledging to make stopping illegal boat arrivals a priority if Labor wins re-election.
Speaking to SBS last night, Ms Gillard denied lurching to the right or demonising asylum seekers.
Ms Gillard said her life "has been informed by being a migrant".
"What migrants seek when they come to this country is they seek an opportunity to make a life. They don't seek a free ride, they seek a fair go," the PM said.
And the concept of a fair go was espoused by Mr Abbott, too, who said he sought to turn Australia from a "welfare state to opportunity society".
The Opposition leader announced plans to reward young people who stayed off welfare for 24 months.
Those eligible would receive a $4,000 cash bonus if they get and keep a job, and more funding if they had to relocate for work.
Mr Abbott also announced plans to encourage private investment in infrastructure, by issuing infrastructure bonds.
The bonds would require little taxpayer funding, and would be overseen by Infrastructure Australia.
"It does demonstrate that there is an alternative to borrowing $100 million a day," Opposition finance spokesman Andrew Robb said.
Ms Gillard reignited the republic debate by saying Australia should ditch the monarchy when Queen Elizabeth II dies.
"What I would like to see as prime minister is that we work our way through to an agreement on a model for the republic," she said.
