Yahoo Finance Here’s why the world is watching the Australian election
Aussies are heading to the polls today to decide who will win this election, and as the nation awaits its fate, others around the world are also eagerly waiting to see who will win.
It’s not just about Labor or Liberal either, but both major parties are facing some key global issues, and how they tackle them, or if they choose to at all, will decide their fate.
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Age will also be a political divider this year, with Labor set to reduce tax concessions that older Australians have taken advantage of, and investing the proceeds in childcare. Labor’s negative gearing policy could also attract younger voters as it aims to help housing affordability
So here’s why Australia’s politics are on the map:
Climate change
Climate change is an international issue.
It’s causing some serious grief here in Australia, with successive Governments struggling to make any headway on policies to tackle it.
Former Prime Minister, Julia Gillard, introduced the carbon tax in 2012 to reduce emissions, and was subsequently removed from her position by Kevin Rudd, who terminated the tax policy soon after.
When former Prime Minister Malcolm Turnbull proposed to reduce energy emission levels by 2030, his colleagues voted to remove him in favour of Scott Morrison, the current Liberal leader.
Australia is particularly vulnerable to climate change, with the Great Barrier Reef dying out amid rising ocean temperatures, bush fires blazing and nation-wide droughts.
This year, the Labor Party has pledged no new coal-powered plants if it wins, but the Coalition hasn’t ruled them out entirely.
Labor also supports a 45 per cent emissions target by 2030, while the Liberal party has committed to 26 per cent.
The Greens have even pledged to completely phase out coal by 2030.
You can read Labor’s, Liberal’s and the Greens’ policies on climate change here.
Immigration
Australia’s issues on immigration are a constant source of debate, fuelled by both concerns over strained infrastructure in cities and just plain racism, particularly islamophobia.
Fraser Anning’s Conservative National Party leader Fraser Anning made global headlines for blaming the Christchurch mosque attack on Muslim immigration, and One Nation leader Pauline Hanson came under fire for wanting to ban the Muslim faith in Australia.
So what will Labor and Liberal be doing about the issue of immigration?
Labor has pledged to pay skilled migrants more, and to introduce a “long stay parent visa” to allow families to bring their parents to Australia, and will make those visas affordable.
Labor will also increase the annual intake of refugees to 32,000 and has pledged $500 million to the UN’s High Commission for Refugees.
The Coalition leader, Scott Morrison, intends on reducing the permanent migrant ceiling from 190,000 each year to 160,000, and won’t be taking any more refugees than we already have.
The Liberal Party’s policies are under increased scrutiny now following a push by residents in the New South Wales country town of Biloela, urging support for the Tamil family, a Sri Lankan family facing deportation after the High Court on Tuesday denied their final bid to stay.
You can read about their policies here.
The economy
The outcome of this election will determine whether Australians will see tax cuts galore or greater public spending, which is a fairly stark distinction in economic policy.
The Liberal party intends to cut taxes, while the Labor Party proposes a slew of changes them by reintroducing the budget repair level and ending franking credits.
You can read Labor’s policies on taxes and franking credits here.
On top of possible changes to Australia’s share market, the US and China trade war, or just war, is imminent and it could have knock-off effects on Australia.
Labor Party leader, Bill Shorten, wants to embrace China, and says he “welcomes the rise of China in the world”, but Morrison says he won’t pick sides in the trade war.
The NY Times reported Chinese officials prefer a Shorten government, but say regardless of who wins, Australia will need to balance the economic necessity of cooperating with China and the wider necessity of protecting Australia’s security interests.
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