Australian Federal Elections In Limbo As Voting Continues

Hung Parliament

Australian Federal Elections In Limbo As Voting Continues

Counting of the final votes in the recently hung Australian federal elections resumes again at 8.a.m. this morning. The Australian public anxiously awaits the final decision which will now be brought about by political meetings between both major parties and the Independent and Green parties.

The last time Australia was governed by a minority government was during the 1930’s. The Australian population is normally described as one of the most stable of democracies within the Asia Pacific Region; this historic turn of events has now thrown that into doubt.

This change in the usually stable political scene has left the country in a position of uncertainty. Not just in the political arena, but also in the financial markets, which are due to open today. Financial industry experts are predicting a big drop in the financial sectors, as investors wait nervously on the sidelines for a decision to end this political limbo.

Indecision is never seen as favorable when it comes to the financial markets. Professional investors make decisions that are also based on the current political environment, as part of their overall investment strategy.

The Prime Minister Julia Gillard has now stated that it has become obvious that neither her own Labor Party nor the Liberal Party have earned the right to govern outright.

Tony Abbott the leader of the prominent Liberal National Party has stuck to his original statements that the Labor Party was finished. Abbott asserts that the savage swings against the Labor party, who is currently in power, were indicators that the Australian public felt that the ruling party had lost its legitimacy to govern.

Which of the two major parties will the independent MP’s back, is now of major concern to all involved and will definitely have far reaching effects on the National political scene.

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Posted by on Aug 22 2010. Filed under World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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