Kevin '07 - A New direction for Australia.

It is 8.45 pm in Melbourne, ABC's polling computers have given the federal two party vote to the Labour and it seems, Kevin Rudd is going to be the next Prime Minister of Australia. His plan for a 'New Australia' seems to be a fabulous way forward (link). There is a federal budget surplus which will support his endeavours. The picture will become clearer within the next few weeks when the ministries will be finalised. The stock market will likely correct from here based on a perceived negative reaction of an all in all Labour govt., both federally and at the state level, something that hasn't happened in Australian history since 1969. There will be some negative elements in the market that would want to welcome a Labour govt., pressurising them to be lenient against any reform that would reduce their profitability, by shorting the broader market.

Howard, seems to be losing his seat in Bennelong, which means that even if the liberals were to win, Howard wouldn't be the Prime Minister. Michael Turnbull, in his acceptance speech, is focussing on the 'egalitarianess' of Australian society, something that the liberals are not known for. New messages already. Labour has been given an extraordinary mandate, hopefully they will not abuse it. With a booming economy, it should not be that difficult to do.