The impact of the Australian election next month on the Pound against the Australian Dollar

We are now just 5 weeks away from when the Australian federal election is due to take place on Saturday 18th May.

Generally speaking an election will often result in weakness for the currency involved as not only is the result uncertain but how will business be impacted causes uncertainty for investment in to the country during that period.

All of the 131 seats available in the House of Representatives are up for re-election as well as a total of 40 out of the 76 seats in the Senate.

At the moment current Prime Minister Scott Morrison is aiming to win another three year term but the opposition Labor party are looking to mount a challenge having been out of power for six years.

According to a number of polls recently the Prime Minister is potentially going to lose against the Labor party as they have pledged to reduce pollution levels by as much as almost half by 2030 compared to that in 2005.

The economy down under is also experiencing a slow down and with Morrison the seventh Prime Minister in the last ten years it appears as though Australians want to see a more stable government so we could be seeing a change coming in the next few weeks.

As we move closer to the election I think we could see the Pound making some improvements against the Australian Dollar so if you’re considering making a transfer to Australia it will be worth paying close attention to what happens during the election campaign during the next few weeks.

I have worked for one of the UK’s leading currency brokers since 2003 and I’m confident that I’m able to offer you bank beating exchange rates as well as providing a more detailed insight as to what is happening on the currency markets to help you make a more informed decision.

If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk

 

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