Aussie election deadlock

04 July 2016 by News Desk   |   SHARE  

Despite days of back room horse-trading Prime Minister Malcolm Turnbull has been unable to break the Aussie election deadlock.

Aussie election deadlock looms for days to come as neither the coalition nor the opposition Labor Party has so far gained the 76 seats that it needs in the 150-seat House in order to form a government.

The current hung parliament, with no single party having enough MPs to form a majority government, is not just bad for the Coalition – they’re in an even worse position than they were before.

Before the current Aussie election deadlock the Coalition government had 33 senators, Labor had 25 and the Greens party had 10 senators. There were eight cross bench senators.

Without the support of Labor and the Greens the Turnbull government required the support of six crossbenchers in order to get its’ laws passed.

Now, if the government retains power it will need the support of nine crossbench senators in order to gain a majority needed to pass its legislation.

Aussie election deadlock – the big gamble

“By calling for an election of both houses of parliament Turnbull rolled the dice – and lost,” says Darrell Todd, founder of thinkingaustralia.

“This was not the result he was hoping for, in fact, he’s in a worse position now than he was before the election.”

Current predictions suggest a slim coalition victory or a hung parliament, a situation that could prompt yet another general election.

The final makeup of the Senate won’t be known for weeks and in the meantime the ongoing uncertainty is bound to affect market confidence.

Financial markets, already shaken by the UK Brexit vote, will react badly to further ongoing uncertainty Down Under and want to see a new government formed sooner rather than later.

Prime Minister Turnbull admits that ongoing instability could threaten Australia’s triple-A credit rating.

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