Australian election to set the tone for Pound vs Australian Dollar rates

Australian Election this weekend

We are now just days away from the next Australian election due to be held this weekend.  According to a number of polls the voting is very close but current Prime Minister Scott Morrison appears to be the preferred person to continue to lead the country.

There have been a number of elections during the last ten years and this has often caused the Australian Dollar to suffer as a result owing to the uncertainty during an election campaign.

At the moment the voting appears to be very close with hours to go before the polling stations close.

Scott Morrison is the current Prime Minister and if he stays he will have a long term in power owing to a recent change in legislation.

However, at the time of writing Nine’s exit poll has predicted that Bill Shorten will win with a a 2.4% swing towards the Labor party.

If Labor do win then this could have a big impact on the Australian economy.

In previous weeks a number of leading businessmen have spoken out against a Labor government as they believe this could lead to negatively impact upon the Australian economy.

With 150 seats up for grabs in the House of Representatives and 40 of the 76 seats in the Australian Senate expect to see a lot of volatility for the Pound vs the Australian Dollar over the next few days.

Therefore, it will be very important to see who wins over the next day as this could have a big impact on the value for the Pound vs the Australian Dollar. Therefore, if you’re in the process of making a currency transfer involving Australian Dollars then pay close attention to this weekend’s election news.

If you have a currency transfer to make and would like to save money on exchange rates then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk