No to four year terms
I can't not see the people going for it as does need to be approved by the people. Here are the reason why:
1. People already says they don't have enough of a say. Adding another year to a governments term is going to piss them off even more.
2. Four year terms for the lower house will mean eight year terms in the Senate. Just what is needed for the party Machine Men's retirement home: longer terms.
3. Referendums in Australia don't often get up. Even when both sides support the "yes" side, the people will vote "no". Plus one of the major issues in during the Republic vote was the fact that it was giving the pollies more power. It was voted "No".
The business community likes the idea as it means there will more stability, but then again a dicatorship would also be popular with them if they wanted stability. It would be a politically stupid move for the ALP to support it. Yet, they will because the machine men are ones who will reap the reward.
I can see the minor parties rejecting it. Thus the Greens will lead the "No" campaign and gain very valuable experience and crediblity from the vast majority of the public.
Peter Brent points that it might just be pigs flying.