Opposition concedes defeat in Australian poll – Nikkei Asian Review

MELBOURNE/SYDNEY — Malcolm Turnbull is set to continue as Australia’s prime minister after opposition leader Bill Shorten on Sunday conceded defeat in the national election — eight days after voters went to the polls. Shorten’s announcement came as Turnbull’s conservative Liberal-National party coalition inched closer to the minimum seats required — 76 out of 150 — to govern in its own right. However, the coalition may still need the support of independents and minor party members if votes yet to be counted contribute to it falling short of that majority. “I respect that Mr Turnbull has won government — be it a minority government or a majority of one or two seats,” Shorten said on Sunday. That was still the question as Turnbull declared victory about an hour later. With votes still to be counted, it remained unclear whether the coalition would secure a majority. With around 80% of the votes counted on Sunday, the Australian Electoral Commission had the coalition ahead in 76 seats. Turnbull had used the days prior to shore up support from crossbenchers. Three out of the five elected had agreed to back the coalition when it came to supply and confidence matters, a move that effectively ended talk of Shorten leading a minority government or Australians being forced back to the polls. “It looks like he [Turnbull] will cross the 76 seat threshold and, even if not, he has support from a couple of independents,” said John Warhurst, emeritus professor of politics at Australian National University.

Australia waits on election outcome – Nikkei Asian Review

SYDNEY and MELBOURNE — Australians may not know for a few days the results of their July 2 national election, following one of the tightest polls in the country’s history. Prime Minister Malcolm Turnbull expressed confidence early on Sunday morning — hours after voting ended — that he would be returned as leader after a closely fought campaign that saw a swing away from his Liberal Party-led coalition toward the opposition Labor Party. But analysts warned of the prospect of a hung parliament, in which no single party or alliance would hold an absolute majority. It was unclear by the time vote-counting was halted early on Sunday morning whether the ruling Liberal-National coalition could win the minimum 76 lower house seats it requires to form a ruling majority. Even so, Turnbull told a gathering of his party faithful in Sydney that he had “every confidence that we will be able to form a coalition majority government,” and said that despite gains for the opposition Labor Party, the opposition “has no capacity in the parliament” to lead the next administration. Turnbull’s speech came soon after rival Bill Shorten, the Labor leader, told his party in Melbourne that final results may not be known “for some days to come.” Even if Labor could not regain control of government, which it last held in 2013 before being trounced by the Liberal-National party coalition “there is one thing for sure: the Labor Party is back,” he added.

Australia on edge after close election – Nikkei Asian Review

MELBOURNE and SYDNEY — Australians were closely watching for results of their national election on Saturday night. Counting in the eastern states suggested a swing toward the opposition Labor Party after polls closed at 6 p.m. Eastern Standard Time. But as voting continued in the country’s west, results remained unclear, raising the prospect of a hung parliament in which no party would have an absolute majority. By 11:45 p.m. Sydney time, Prime Minister Malcolm Turnbull had not arrived at a governing party post-election event held at a posh Sydney hotel. Former Liberal Party Prime Minister John Howard spoke to media at the event, saying he was disappointed at seat losses in the election, but said “it is for the prime minister to speak on behalf of the coalition” regarding the overall election outcome. For much of the protracted, 55-day election campaign, Turnbull’s Liberal-National party coalition — which stormed to power at the 2013 election — was tipped to enjoy a narrow victory. But a late surge of support for Labor in opinion polls in the final days gave opposition leader Bill Shorten, a former trade union boss, reason to be optimistic.

Brexit could affect result of Australian election – Nikkei Asian Review

SYDNEY — Most of Australia’s politicians believe that Britain’s June 23 vote to leave the European Union will have little direct impact on Australia’s resource-rich economy, but that does not mean Brexit is being ignored, less than a week before what looks set to be closely-fought national elections. Prime Minister Malcolm Turnbull made a clear effort to play down any potential fallout from the Brexit controversy on Australia’s election and the country’s ties with the U.K. Speaking immediately after the U.K. referendum result, he said the U.K.’s departure from the EU would “have little direct economic impact in the short term as 3% of our trade is with the U.K. and our financial system is not reliant upon the pound sterling. What we see, though, is some short-term volatility on our share market and in the currency market.” Speaking in Sydney on June 27, shadow treasurer Chris Bowen of the opposition Australian Labor Party said that although Brexit could see sharp swings in global financial markets, the consequences would be for the short term and relatively mild. “I would regard the impact of Britain leaving the EU as much less intensive [than] the events of 2008,” Bowen said, referring to the global financial crisis.