Australia’s conservative coalition led by Prime Minister Scott Morrison was on Monday poised to secure an outright majority following a surprise election victory.
This will put Morrison in a position to progress his legislative agenda without the support of independents.
Morrison’s coalition defied forecasts to be re-elected on Saturday in what he called a political miracle.
The Australian Electoral Commission (AEC) on Monday said Morrison’s coalition has won 75 seats in Australia’s parliament, one seat short of a 76-seat majority.
The AEC said the coalition is ahead in two of the five seats that have not been declared.
The expected result sent Australian banking, property and health-related stocks to an 11-year high on Monday as investors cheered.
After a long and bitter election campaign, Morrison said Australians have had enough of politics.
One of Morrison’s first tasks after being sworn in will be a cabinet reshuffle after the retirement of several front-benchers. The personnel shift will be closely watched for signs of policy changes.
Via Reuters
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