AUSTRALIA: POLITICS - Election result uncertainty likely to affect financial markets says Reuters Australia Political Correspondent James Grubel

Record ID: 559580

  • Title: AUSTRALIA: POLITICS - Election result uncertainty likely to affect financial markets says Reuters Australia Political Correspondent James Grubel
  • Date: 22nd August 2010
  • Summary: OPPOSITION LEADER, TONY ABBOTT ON SCREEN
  • Embargoed: 6th September 2010 13:00
  • Keywords:
  • Location: Australia
  • Country: Australia
  • Topics: Domestic Politics
  • Reuters ID: LVA75TFN85CHCOTV62VA22VDTQIR
  • Story Text: Australia's two major parties started wooing independent lawmakers on Saturday (August 21) after an inconclusive election left the nation facing its first hung parliament since 1940.
    Neither the ruling Labor party nor the Liberal-National opposition managed to win a majority, with four independents and a Green MP now likely to hold the balance of power on who will form the next government.
    "Basically this was an election that didn't really engage the Australian people, the policies were very similar from both sides, I think voters were very confused when they went to the polls, the polls were saying all along that this was going to be close and that is exactly how it ended up being," said Reuters Australia Political Correspondent James Grubel.
    Australia's conservative opposition leader Tony Abbott said he would in coming days talk to independent members of parliament on forming a minority government after inconclusive election.
    Labor Prime Minister Julia Gillard also said the election was too close to call, adding that independents would play a role in the next government and that Labor would remain in power until a result was known.
    "Look this is a real possibility that this could take several days to decide who the next government will be, financial markets will hate this uncertainty, this will put a lot of pressure on the markets when they open again on Monday," Grubel added.
    Analysts project around 70 seats for the two major parties, short of the 76 needed to control the 150-seat lower house.
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