Of democracy and economy

May you read this well and in the best of health,

Yesterday's watershed election is the cause of this post. Pardon me for the brevity as it is intended to be made plain simple.

WHAT HAPPENED

It was Australia's 2019 federal elections yesterday. Held once every 3 years, the country's eligible population will get to vote who represents their interest and aspirations in the Senate and House of Representatives.

THE RESULTS

In a surprise outcome, the Liberal/National party came out tops after defying Newspolls (small-scale pollster) over the past 3 years. It looked as if the Labour party may return to power but in wasn't to be. 

WHY THE LOST FOR LABOUR

For a number of reasons,

1) Below is a chart of Australia's fiscal history since federation [1]

Image result for australian debt since independence

There isn't many surplus years and most of it came from Liberal governments. So when the Liberal government announced budget surpluses before the election, it is a big issue to Australians and has no doubt played through their minds while voting. I suppose the wariness of China, our biggest trading partner but at the same time our not-so-"cold-war" rival (frenemy), may have forced the population to rethink surpluses and deficits. China has had stellar growth these past few years, unrivaled by many OECD nations.

When Labour spelt out policies that has the budget depended upon more taxes and cuts, as opposed to Liberal's plan of growth, the people reacted.

Also, the NT governments' dire financial situation currently may also be another factor into this. They are currently held by the state's Labour party

2) Adani. For the first time ever, India has had a role in Australian politics. Queenslanders, especially in the regional north want the mine to start while the rest of the country may not be as excited. For Labour to keep toeing the line  between approval and rejection, it finally unravelled for them there. Liberals have been consistent in their stance to approve the operations while the Greens wants to dump the project altogether.

3) The scare campaign by Palmer United Party of Chinese influence (allegedly) into Labour's hierarchy may have been the final nail to the coffin. I thought it was a huge gamble to portray a Chinese invasion that may start in northern WA where they were allowed to buy/built assets of strategic importance should military action takes place. And it was played out in TV ads a few nights before the suffrage.

Alas, it is back to the drawing boards for Labour (and Greens for that matter)

PeAcE OuT!


References

[1] https://cuffelinks.com.au/budget-time-labor-v-liberal-fiscal-discipline/
Location: Adelaide Airport (ADL), 1 James Schofield Dr, Adelaide Airport SA 5950, Australia

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