However, Morrison’s coalition governs in minority and must win seats to hold power. It has also had three prime ministers in six years, with leadership instability a major reason for its poor showing in opinion polls.
Asked for his response to Labor’s campaign, Morrison replied: “I believe in a fair go for those who have a go.” The International Monetary Fund said overnight stimulus may be needed in Australia and financial markets are fully pricing in the probability of at least one interest rate cut later this year.
Labor promised to match the tax cuts for middle-income earners and pledged bigger concessions for lower-paid workers. “The May election presents a starker choice than has been the case since the 1970s and so suggests greater uncertainty for investors than usual,” he said.
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