Reuters, Sydney :
Australian Prime Minister Malcolm Turnbull declared victory on Sunday in a marathon national election, with his coalition government retaining power and the opposition Labor Party conceding defeat.
Vote counting continues into an eighth day, with Turnbull’s coalition expected to win two of the five seats still in doubt, enabling it to form a majority government, after having already won 74 of the 150 lower house seats up for grabs in the poll.
“We have won the election,” Turnbull told a news conference in Sydney. “We have gone through this election with fiercely fought arguments, issues of policy, issues of principle and we have done so peacefully and it’s something we should celebrate.” Although he is expected to form a majority government, Turnbull’s gamble in calling the election backfired badly, with a swing to the center-left Labor opposition and a rise in the popularity of minor parties and independents.
Turnbull’s narrow margin of victory over Labor leaves him likely to be forced to rely on independents, who won five seats, to ensure the passage of legislation. That raises questions about how effective his government will be in the long term.
Labor, on course to win 69 seats, conceded defeat.
“It is clear that Mr Turnbull and his coalition will form a government,” its leader, Bill Shorten, told a news conference.
Labor vowed not to unduly disrupt the new parliament, although it and several independents oppose much of the coalition’s jobs and growth agenda, from how to return to budget surplus to a proposal for a A$50-billion ($38 billion) corporate tax break.
“We need to ensure that all the vital government services are provided, and at the same time, we have to ensure we bring our budget back into balance,” said Turnbull.
The difficult legislative pathway after the election could force changes to some proposed legislation, several government figures said.
“None of us should have a tin ear to the public’s view about a number of issues, including superannuation,” Immigration Minister Peter Dutton told the Daily Telegraph newspaper, referring to proposals on tax breaks for pensions.
Standard and Poor’s cut Australia’s credit rating outlook to negative from stable last week, threatening a downgrade of its coveted triple A status, over a potential budget impasse.
“We really want to see them start achieving some of their forecasts,” S&P official Anthony Walker told a briefing, adding that the cost of refinancing Australia’s debt is up to three times more than its foreign currency earnings.
Meanwhile, Australia’s opposition Labor Party conceded defeat in the federal election on Sunday, clearing the way for Prime Minister Malcolm Turnbull to retain power.
Counting of votes in the marathon election continues, but Bill Shorten, the leader of the Labor Party, said the ruling coalition government led by Turnbull would gain enough seats to hold on to power.
“It is clear that Mr Turnbull and his coalition will form a government,” Shorten told a news conference in Melbourne. “Whether it is a minority government or majority government with one or two seats, it is clear they will form the government.”
The coalition has won 74 seats in parliament. With vote counting continuing into an eighth day, it is expected to win at least two of the five seats that remain in doubt, giving Turnbull the support needed to form a majority government.
Although Turnbull is expected to form a majority government, he is likely to be forced to depend on several independent members to get legislation through the lower house, raising questions about the long-term functioning of his government.
Labor vowed not to unduly disrupt the new parliament, however.
“Australians have made it clear, with the representatives they have selected, that they expect us to work together,” said Shorten. “I pledge, and I have indicated to Mr Turnbull, that where there is common ground, we work very hard to accomplish it.”
Australian Prime Minister Malcolm Turnbull declared victory on Sunday in a marathon national election, with his coalition government retaining power and the opposition Labor Party conceding defeat.
Vote counting continues into an eighth day, with Turnbull’s coalition expected to win two of the five seats still in doubt, enabling it to form a majority government, after having already won 74 of the 150 lower house seats up for grabs in the poll.
“We have won the election,” Turnbull told a news conference in Sydney. “We have gone through this election with fiercely fought arguments, issues of policy, issues of principle and we have done so peacefully and it’s something we should celebrate.” Although he is expected to form a majority government, Turnbull’s gamble in calling the election backfired badly, with a swing to the center-left Labor opposition and a rise in the popularity of minor parties and independents.
Turnbull’s narrow margin of victory over Labor leaves him likely to be forced to rely on independents, who won five seats, to ensure the passage of legislation. That raises questions about how effective his government will be in the long term.
Labor, on course to win 69 seats, conceded defeat.
“It is clear that Mr Turnbull and his coalition will form a government,” its leader, Bill Shorten, told a news conference.
Labor vowed not to unduly disrupt the new parliament, although it and several independents oppose much of the coalition’s jobs and growth agenda, from how to return to budget surplus to a proposal for a A$50-billion ($38 billion) corporate tax break.
“We need to ensure that all the vital government services are provided, and at the same time, we have to ensure we bring our budget back into balance,” said Turnbull.
The difficult legislative pathway after the election could force changes to some proposed legislation, several government figures said.
“None of us should have a tin ear to the public’s view about a number of issues, including superannuation,” Immigration Minister Peter Dutton told the Daily Telegraph newspaper, referring to proposals on tax breaks for pensions.
Standard and Poor’s cut Australia’s credit rating outlook to negative from stable last week, threatening a downgrade of its coveted triple A status, over a potential budget impasse.
“We really want to see them start achieving some of their forecasts,” S&P official Anthony Walker told a briefing, adding that the cost of refinancing Australia’s debt is up to three times more than its foreign currency earnings.
Meanwhile, Australia’s opposition Labor Party conceded defeat in the federal election on Sunday, clearing the way for Prime Minister Malcolm Turnbull to retain power.
Counting of votes in the marathon election continues, but Bill Shorten, the leader of the Labor Party, said the ruling coalition government led by Turnbull would gain enough seats to hold on to power.
“It is clear that Mr Turnbull and his coalition will form a government,” Shorten told a news conference in Melbourne. “Whether it is a minority government or majority government with one or two seats, it is clear they will form the government.”
The coalition has won 74 seats in parliament. With vote counting continuing into an eighth day, it is expected to win at least two of the five seats that remain in doubt, giving Turnbull the support needed to form a majority government.
Although Turnbull is expected to form a majority government, he is likely to be forced to depend on several independent members to get legislation through the lower house, raising questions about the long-term functioning of his government.
Labor vowed not to unduly disrupt the new parliament, however.
“Australians have made it clear, with the representatives they have selected, that they expect us to work together,” said Shorten. “I pledge, and I have indicated to Mr Turnbull, that where there is common ground, we work very hard to accomplish it.”
