Australian Elections Results

[Scary_Tiger]

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hmmmm. pretty sure min wage isn't $13. I get $10 per hour.

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Are you a waiter or some other kind of employee that gets tips? In the US the minimum wage is often lower for service staff who customarily receive gratuities from customers.

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I dont get any tips. I make pizza's. Maybe now labour won I'll get my kneecaps taken out for working under minimum!

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[zasterguava]

Yeah, perhaps the pizza making industry will become nationalised and a Vanguard party will put us all in our place now that the Labour party won.

[mrick]

Another ruling politician who foolishly tied his fortunes to Bush's war in Iraq bites the dust! Australia's Howard is out the door. The PM-elect of Australia is on record that he intends to pull out their troops.

Symbolic rather than materially significant -- but heavily symbolic.

Next up : The Labour Party in Britain. Unbelievable as it might have seemed a few years ago, "Loyal" Tony Blair has managed to resurrect the Conservatives' fortunes from the grave. David Cameron should be the next British PM.

[Tweety]

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What does this mean for my Australian Dollar holdings (straight money market, it's part of the basket I bet against the dollar with)?

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Probably not much. There may be an initial knee-jerk reaction to sell AUD tomorrow when the fx market opens given that the perceived less business-friendly candidate won, although in the longer term this change in leadership shouldn't have much impact on the currency. The australian dollar will move up and down based on commodity prices, australian monetary policy, australian economic data, and the general state of risk aversion in the world. Speculators buy up the aussie when risk aversion is low, as it is a high yielder and makes for a great carry trade against lower yielding currencies like the yen and swiss franc. When people panic and world equity markets sell off, the australian dollar suffers, because these same speculators have to cover these carry positions to meet margin calls elsewhere.

Given the clear up trend in gold and other commodities, the general robustness of australia's economy, and the relatively high rates in australia, I expect the currency to continue to strengthen. Any impact from this election on the currency should be short-lived.

[lehighguy]

tnx

[bunny]

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This is why I think Australians who voted Labour are a bunch of whiny [censored]. You've got the best IR laws in the world but you won't give the tiniest bit back to allow employers to make executive decisions and cull extra staff and worthless employees. Instead you want a brain dead mediocrity where unproductive and useless employees are protected, and you're too stupid to understand that it's productivity that drives real earnings in the long run.

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I reject the label of whiny [censored]. I voted labor, but not because of industrial relations - I dont think there's a big difference between the two with the exception of unfair dismissal laws (where I lean more towards the liberal position than labor). That may be proved wrong if the unions barge in a la the tv ads - but I doubt that's going to be the reality (and am surprised you've swallowed that line to be frank). I think Rudd has a mountain of power within the ALP and I dont think he's stupid. I think he wants to be in power for more than one term - it's going to be hard enough to manage the looming downturn without going extreme and I dont think he's a slave to ideology.

My reason for voting labor is that I'm not voting for a general manager, I'm voting for a leader. I dont believe there's the chasm of difference in economic credentials between the two parties anymore - although I stand ready to acknowledge my error if that's how it turns out. I am embarassed by Howard's stance on many social issues - the erosion of civil liberties in the name of "counter terrorism", the slavish devotion to the bush position in Iraq, the cynical manipulation of australians' inherent racism and the paralysis on climate change. Economic management is important, but it's not the sole job of a government in my view.