financetom
Economy
financetom
/
Economy
/
Australian ruling party set to choose new prime minister
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Australian ruling party set to choose new prime minister
Aug 23, 2018 11:24 PM

Australia appears set to get its sixth change of prime minister in 11 years today in a ballot of government lawmakers which would continue an era of extraordinary political instability.

Foreign Minister Julie Bishop is among the favourites and would be Australia's second female prime minister. Other favourites include Treasurer Scott Morrison and the only declared challenger Peter Dutton, a former Cabinet minister.

Beleaguered Prime Minister Malcolm Turnbull demanded the names of lawmakers in the conservative Liberal Party who wanted him to go before he would allow them to choose a new prime minister at a meeting at Parliament House today. The names would provide proof that a majority of his government had abandoned him.

Turnbull would then become the fourth prime minister to be dumped by his or her own party before serving a full three-year term since the revolving door to the prime minister's office started in 2010. The trend is universally hated by Australians.

"Australians will be rightly appalled by what they're witnessing," Turnbull said yesterday in announcing the meeting that would end his career. Public anger became apparent overnight with windows broken at the Brisbane office of Dutton, Turnbull's main rival in his government.

Dutton has told the prime minister that a majority of Liberal Party lawmakers at least 43 don't support his leadership. But Dutton's supporters yesterday could not find 43 lawmakers prepared to sign their names to a petition demanding a leadership ballot.

An explanation could be that some lawmakers fear they will be punished by voters if they put their names to dumping Turnbull. The ballot to choose a prime minister is secret, so lawmakers don't have to declare which candidate they voted for. Many later lie that they backed the winner.

Support for ousting Turnbull might also have waned because he warned yesterday he would quit politics rather than ask his party again for its support in a ballot. His resignation from Parliament would force a by-election that could cost the government its single-seat majority. The resignation could also push his successor into immediately calling general elections.

Mathias Cormann, a former Turnbull supporter who switched his allegiance to Dutton, said he was confident that the meeting would go ahead today. He declined to say how many signatures had been collected.

The party's federal executive had intervened, telling a defiant Turnbull but that the state branches unanimously wanted the leadership crisis resolved today, lawmaker Eric Abetz said.

Some lawmakers who were against the change of prime minister said they had agreed to sign the petition in a bid to end the impasse. "I am being pressured -- beyond any comprehension -- I am being pressured to put my name on that list so it can bring the party room to a meeting," staunch Turnbull supporter Scott Buchholz said today.

Turnbull had defeated Dutton 48-35 in a surprise vote on Tuesday. Turnbull initiated the ballot in the hope of ending speculation that his government had lost faith in him in the face of poor opinion polling. Several ministers have since resigned and told him that most of the government wanted a new leader.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed's Powell: Repeats no risk-free path as Fed balances job, inflation risks
Fed's Powell: Repeats no risk-free path as Fed balances job, inflation risks
Sep 23, 2025
WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell said on Tuesday the central bank is in a challenging situation with an ongoing risk of faster-than-expected inflation at the same time that weak job growth has raised concern about the health of the labor market. In comments prepared for delivery to Rhode Island's Greater Providence Chamber of Commerce, Powell offered little...
US business equipment borrowings fall in August, ELFA says
US business equipment borrowings fall in August, ELFA says
Sep 23, 2025
(Reuters) -U.S. companies borrowed 2% less to finance equipment in August than a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday. However, equipment borrowings rose by 2.8% from July. The Washington-based trade association, which monitors economic activity in the equipment sector valued at more than $1 trillion, also reported that the average credit approval rate rose...
Powell Reaffirms Fed's 'Modestly Restrictive' Policy After Rate Cut
Powell Reaffirms Fed's 'Modestly Restrictive' Policy After Rate Cut
Sep 23, 2025
01:02 PM EDT, 09/23/2025 (MT Newswires) -- Federal Reserve Chair Jerome Powell said Tuesday that the stance of monetary policy remains modestly restrictive, and the Federal Open Market Committee is prepared to respond to evolving economic conditions. The increased downside risks to employment have shifted the balance of risks to achieving our goals, Powell said in prepared remarks to the...
Fed's Powell repeats no risk-free path as job, inflation risks weighed
Fed's Powell repeats no risk-free path as job, inflation risks weighed
Sep 23, 2025
NEW YORK (Reuters) -U.S. Federal Reserve Chair Jerome Powell said on Tuesday the central bank is in a challenging situation with an ongoing risk of faster-than-expected inflation at the same time that weak job growth has raised concern about the health of the labor market. In prepared comments to  Rhode Island's Greater Providence Chamber of Commerce, Powell offered little indication...
Copyright 2023-2026 - www.financetom.com All Rights Reserved