Australia PM Calls for General Elections on May 18

Clay Curtis
April 13, 2019

For AUDUSD, that should outweigh any concerns about an Australian Federal election set for May 18 by Prime Minister Scott Morrison Thursday.

Addressing a press conference shortly afterwards, Morrison said that the election would offer a "clear choice" between his incumbent Liberal-National Party Coalition (LNP) and the Opposition Australian Labor Party (ALP) led by Bill Shorten.

"We'll get on top of cost of living burdens and we'll get wages moving again in this country".

Australians will go to the polls on Saturday, May 18.

"Morrison stated "[the election] will determine the economy that Australians live in, not just for the next three years, but for the next decade". Securing Australia's future prosperity "depends on a strong economy, and that's why there is so much at stake at this election".

"It's taken us more than five years to turn around Labor's mess".

The PM went to Sir Peter Cosgrove's residence at Yarralumla in the early hours of this morning, asking him to dissolve the 45th parliament and declare the election. "The last time Labor was elected to form a government back in 2007 they inherited a strong economy and they inherited budget surpluses, and in the space of one year they turned a $20bn surplus into a $27bn deficit". The government will be formed by the party that gains the majority in the election.

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The prime minister spent the day in Tasmania on Wednesday, talking up his government's record on health.

"The May election presents a starker choice than has been the case since the 1970s and so suggests greater uncertainty for investors than usual", he said.

After a national redrawing of seat boundaries, the coalition starts with a notional 73 seats (down from 74) with Labor on 72 (up from 69).

"It's about how you keep the economy on track to guarantee the funding for the essential services that Australians rely on, whether it is schools, hospitals, Medicare or any of these things", he told reporters.

Labor is campaigning heavily on health and education, arguing the coalition is yet to properly restore funding cut in a series of federal budgets.

Labor and the coalition have already agreed to a campaign advertising truce over the Easter long weekend and Anzac Day.

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