Australia ETFs Caught Up in Electoral Uncertainty
Tuesday, August 24th, 2010Michael Johnston submits:
After weekend elections failed to produce a clear cut winner in Australia, the country’s political future remains uncertain as the two major parties scramble to hammer out deals with would-be kingmakers. That uncertainty has weighed on financial markets down under in recent days, as investors await resolution on major pieces of policy whose fate could be determined in coming days.
Seventy-six seats in the lower house are needed to form a government in Australia. The Liberal-National coalition led by Tony Abbott recently had claimed 71, while the ruling Labor Party of Julia Gillard, Australia’s first prime minister, had 70 seats. Three more seats are held by independents and one by a Greens party candidate; four seats are still undecided.
