Australia makes the front page of the Wall Street Journal Asia today with a headline: “In Australian Politics, It’s Turmoil Time Once More” as “Prime Minister Malcolm Turnbull feels the heat from members who feel he is taking the coalition too far to the left”, notes Michael Every, Senior Asia-Pacific Strategist at Rabobank.
“If it’s Tuesday, it must be time for an Aussie PM to be worried about his job, based on the recent pattern. The article stresses that Turnbull is trailing in the polls after scraping a narrow election victory, and is taking flak from a former PM from his own party, Tony Abbot. Turnbull has recently been turning more populist, while backbenchers – and Abbot– are pushing for lower taxes, smaller government, and greater freedom. All I can say is that this all sounds very British. Not that AUD at 0.7670 is taking a blind bit of notice, however, unlike GBP.”
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