Australia's Two Major Parties Began Wooing Independent Lawmakers on Sunday on an inconclusive election left the nation Facing ITS first hung parliament since 1940, the worst outcome in Possible for markets.
The Australian dollar and shares are likely-to-face a sell-off "when trading Resumes on Monday, Analysts Said, with the vote count threatening Thurs drag on for days and Both the ruling Labour party and the opposition seemingly Unable to win a Majority.
"The Uncertainty is going to be a real killer to the Financial Markets," said economist Craig James of Commsec, suggesting the local currency Zapraszamy fall a cent or more.
With 78 PERCENT of votes counted, a hung parliament looked likely, with two Possible Scenarios for Minority government: a Conservative administration backed by the Rural Independents or a Labour government supported by one or two Green or green-minded MPS.
In either case, former Conservative treasurer Peter Costello Said, Australia faces a shaky administration wakes up and manually fall within 12 months.
"It's quite Possible with an unstable situation like this That Could Be me back to the polls within a year," he said.
Investors'd prefer a minority Conservative administration over a Labour-Green arrangement, UBS chief strategic David Cassidy Said, noting That Conservative leader Tony Abbott had pledged Thurs Scrap Labor's Proposed 30 PERCENT mining tax.
The tax is a major iron ore and coal-mining Operations has weighed Stocks mining is such "as BHP Billiton and Rio Tinto and the Australian dollar.
"Clearly the market will not like the Uncertainty," UBS's Cassidy Said, predicting moderate Selling. But He Said I should get most markets Concerned about a Labor-Green government, the Greens Given Also, I should get strong in the upper house Senate.
"Markets'd be uncomfortable with a Labour government with Green Assistance," they added.
STRANGE BEDFELLOWS
Election experts say Both Prime Minister Julia Gillard's Labour party and the opposition conservatives are likely Thurs fall short of Enough seats Thurs form a government alone, forcing Them Thurs rely Independents have four and a Green MP Thurs take power.
One Green-minded and center-left independent Candidate, Andrew Wilkie, Ken has a chance to win a lower house seat, Said jo on Sunday they had a call from Taken vain Gillard declined to Be Drawn is a major party wakes up, they'd support.
"I am open minded," Wilkie Told ABC radio, adding that they'd back the party That Zapraszamy ensure stable and "Ethical" government.
Another independent, Bob Katter, a stetson-wearing maverick from the Outback, Said they'd support the party felt they'd do more for rural communities and ensure Their right "to go Downhill and camping and hunting and shooting."
Independent, Tony Windsor, Said they'd be "happy to talk anybody Thurs" "when the final results were in, local media Reported.
Some of the Independents not have protectionist views and are outspoken about Chinese investment in Australian resources.
Both Gillard, Ken Became Australia's first woman prime minister in June on deposing her predecessor Kevin Rudd in a party-room coup, and opposition leader Said Abbott the final result and manually take days Thurs Become clear.
Analysts projected around 70 seats for the two major parties, with four Independents and one Green MP.
That'll be Six short of the number Gillard'd Need to keep control of the 150-seat lower house and mean a hung parliament for the first time since World War Two.
"We do not have a Not Clear result from tonight. What is clear from tonight, the Labor party has definitely lost ITS Majority and that means the government has lost legitimacy ITS," Abbott Told Liberal-National party faithful in Sydney.
Abbott Also Said That in coming days, they'd talk to independent members of parliament are forming a minority government. "The most important issue here is Stability of governance," he said.
(Additional Reporting by Jamese Grubel, Michael Smith and Jim Thornill in Sydney, Chris McCall in Alice Springs and Faye Wong in Perth; Editing by Michael Roddy)
