The result of the July 2 Australian election is in doubt. At the current count, Turnbull's Coalition will have, at best, a slim majority in the House of Representatives, but a minority government remains a possible outcome. Turnbull invoked a constitutional manoeuvre to trigger the election in a bid to clear out legislative obstruction in the Senate and to legitimise his ascent to the Australia's premiership via a Liberal Party leadership struggle last year.
Localist opposition to foreign ownership of Australian assets will continue to benefit crossbench rural MPs.
Political blockages to fiscal consolidation may result in a cut to Australia's credit rating.
Turnbull may turn to the international stage to regain his political standing if frustrated in Parliament.
