With the rejection by the Senate of the Government’s bill aimed at bringing back the construction industry watchdog last week, Australia looks set to go to the polls on the 2nd July, and business is already counting the cost of an extended election campaign.
Qantas last week reported some expected softness in domestic demand and others have also weighed in, warning that consumer confidence and business activity may suffer in the run up to the election. Both retail and real estate could also be in for a rough ride.
The Commonwealth Budget will be delivered on the 3rd May and then the financial appropriations bills will have to be passed. Following that, Prime Minister Malcolm Turnbull will make the call to hold a double dissolution election. The last time Australia held a double dissolution election was in 1987, when Prime Minister Bob Hawke held onto power despite a swing against his Labor government.
A double dissolution election has all 150 seats in the House of Representatives and all 76 Senate seats up for grabs. In a normal election, only half the Senators from the six states are replaced.