Australian Dollar is sold off sharply on domestic political turmoil which could eventually bring in the seventh prime minister in a decade. The government also adjourned the lower house of parliament until September 10 for the leading Liberal party to clear up its own mess.
Still Prime Minister Malcolm Turnbull survived a leadership challenge by seven votes earlier this week. But three of Turnbull’s key ministers changed they mind, including Finance Minister Mathias Cormann. Challenger, former Home Affairs Minister Peter Dutton called for another leadership vote today, which Turnbull is widely expected to fail.
In a crisis press conference, Turnbull said he would only step aside if rivals gather enough signatures. But in that case, the ballot could happen as early as mid-Friday. It’s reported that Treasurer Scott Morrison is prepared stand in take up Dutton’s challenge, to prevent the the Liberal party from turning further to the right.
Opposition Labor leader Bill Shorten criticized that the “cannibalistic behavior” over the Liberal leadership was eating the government alive.
