Australia: Prospects of a change in PM have grown - TDS

Sandeep Kanihama FXStreet Contributor

Analysts at TD Securities note that the prospects of a change in Australia's prime minister have grown as three of Malcolm Turnbull's cabinet resigned, pledging support for rival Peter Dutton a member of the Liberal party's conservative faction who lost a leadership challenge earlier this week by 48 votes to 35.

Key Quotes

“Scott Morrison, Australia's treasurer, has also said he will stand in any new leadership contest. Mr Dutton's agenda is more populist, with cuts to immigration, proposed.”

“Turnbull has said he will could call a special meeting of the governing Liberal party tomorrow if Dutton can garner enough signatures on a petition to support another leadership vote. Meanwhile, parliament has been adjourned until September 10.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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