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.

Tight Australia poll may give minnows balance of power – Nikkei Asian Review

SYDNEY – On the eve of voting Australia’s July 2 national elections looks set to produce a hung parliament, raising the prospect of a raft of smaller parties and independents winning seats, and precipitating lengthy horse-trading before a government can be formed. By June 30, almost 2.5 million people had taken part in the early voting system set up for people unable to vote on July 2. One of those early voters, David Le, a 34-year-old banker, said that “in a time when the country is stable but the main political parties are not, people are going to look for alternatives.” “In common with much of the rest of the western world, there is a general skepticism about the ethics and morality of politics, and in Australia in particular the frequent deposing of prime ministers,” said John Warhurst. “What we are seeing in the opinion polls is increased votes for the minor parties, but often that’s used to cast a protest,” Albanese, told the Nikkei Asian Review. But Albanese, the shadow minister for infrastructure, transport, cities and tourism, conceded that possible gains for smaller parties remained “one of the great unknowns” of the July 2 election. He would not be drawn on whether a strong showing for the Greens and other independents could help Labor form a coalition. “We’re aiming to govern in our own right, 76 seats, that’s the aim.” Asked if he thought smaller parties would fare as well as opinion polls suggest, Prime Minister Malcolm Turnbull said: “Tomorrow the Australian people will tell us emphatically and decisively.”

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.