Australian Prime Minister Kevin Rudd called a Sept. 7 general election on Sunday, barely six weeks after he toppled former leader Julia Gillard in a party-room vote, ending a turbulent three years in power for the minority Labor government.
Rudd, who was dumped by his centre-left party in June 2010, has generated a spike in public support since he returned but conservative opposition leader Tony Abbott is still favourite to win power.
Rudd’s Labor government could fall with the loss of just one of the 150 seats in parliament. His government currently holds 71 seats, the opposition 72, with one Green and six independent cross-benchers.
Abbott’s opposition has promised to scrap an unpopular 30 percent tax on coal and iron ore mine profits, as well as a A$24.15/tonne carbon tax if he wins power.
Rudd returned as prime minister on June 26 after he toppled Gillard, with a third of Gillard’s cabinet also stepping down.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.