This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Australian Prime Minister Calls Election for Sept. 7

After the election was announced, Abbott promised to "get the budget back under control," and listed scrapping the unpopular carbon tax among his top priorities if elected.

The election promises to be an extraordinary contest for Australian politics. Labor leads Australia's first minority government since World War II, and polls suggest the opposition faces an easier task picking up seats than Labor does.

Labor holds 71 seats in the 150-seat House of Representatives where parties form governments. The opposition holds 72 seats, with the remainder held by independent lawmakers or sole legislators from minor parties.

A recent poll has shown that secrets spiller Julian Assange and his WikiLeaks Party have a realistic chance of winning seats in the 78-seat Senate.

Rudd was first elected prime minister in 2007, but was ousted in 2010 by his then-deputy, Julia Gillard, in an internal leadership showdown among Labor lawmakers.

He was dubbed "Recycled Rudd" by the media when he reclaimed the leadership in a similar challenge on June 26 as the government faced the prospect of a loss of historic portions with Gillard at the helm.

Since then, Rudd has changed several key policy positions, and opinion polls suggest Labor is closing the opposition's lead.

Nick Economou, a Monash University political scientist, said Rudd had been surprisingly successful in portraying himself as a new prime minister instead of the same leader who was once dumped by his colleagues.

"If Rudd can ram home that advantage, then Labor has got a chance," Economou said.

"The task for Abbott is to try to remind people that it's Rudd, he's the leader of a party that's been in government for a long time and is really at war with itself," he added.

A major policy difference is Abbott's opposition to charging polluters for their carbon gas emissions, despite Australia having some of the world's worst emission rates on a per capita basis. He has vowed to give priority to scrapping both the carbon and mining taxes.

Both taxes were introduced by Labor in July 2012. The carbon tax on Australia's biggest polluters rose from AU$23 a metric ton of carbon dioxide to AU$24.15 from July 1, 2013. The opposition argues this is the world's highest tax rate on carbon dioxide and is making Australian industry uncompetitive.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs