Australian banks seen facing wide-ranging inquiry in election pay-off

By Jonathan Barrett and Matt Siegel SYDNEY, Jul 7 : Australia’s Big Four banks look set to face tough new scrutiny in the wake of the country’s knife-edge election as a disparate group of lawmakers push for a wide-ranging inquiry into mis-selling, misconduct and market dominance concerns. Commonwealth Bank of Australia, Westpac Banking Corp, Australia […]

S&P warns of possible downgrade to Australia’s coveted rating, cuts outlook

By Ian Chua SYDNEY, Jul 7 : Standard & Poor’s on Thursday warned of a downgrade to Australia’s coveted triple-A credit rating within two years, saying the knife-edge July 2 election may have weakened the government’s ability to tackle its budget deficits.It cut its outlook on Australia to negative from stable and said there is […]

Australian PM Turnbull scrambles for independent votes as race tightens

By Matt Siegel SYDNEY, Jul 7 : Australian Prime Minister Malcolm Turnbull scrambled today to gain support from a small handful of independent lawmakers whose backing he will likely need to form a workable government and end a political vacuum after an unexpectedly close election. There were signs that the instability was beginning to take […]

Turnbull in range of hollow Australian election victory

By Matt Siegel SYDNEY, Jul 6 : Embattled Australian Prime Minister Malcolm Turnbull today pulled within striking distance of the votes needed to form a narrow majority government in a cliffhanger election that has left the nation in limbo and his leadership in doubt. Electoral officials are counting 1.5 million postal and absentee votes that […]

Australian PM Turnbull defies critics, cliffhanger vote count resumes

By Matt Siegel and Colin Packham SYDNEY, Jul 5 : Embattled Australian Prime Minister Malcolm Turnbull defended his performance after widespread calls for his resignation and said today he was confident of retaining office after vote counting resumed in a cliffhanger election. Electoral officials began counting 1.5 million postal and absentee votes that will be […]

Far-right candidates emerge to fill vacuum after close Australia vote

By Jane Wardell and Jonathan BarrettSYDNEY, Jul 4 : Independent candidates who will likely determine a cliffhanger Australian election shot to prominence today, one of them renewing anti-Asian rhetoric first heard 20 years ago, with Prime Minister Malcolm Turnbull under fire for a failed political gamble.Pauline Hanson, founder of the controversial far right One Nation […]