Wednesday, September 16, 2015

Australia's New Prime Minister

News
The older leader must stand aside when a party decides to change its leader under Australia's parliamentary system. This process bypasses a public vote.

Malcolm Turnbull, a former lawyer, banker and businessman, was sworn in on Tuesday as the 29th Prime Minister of Australia. He replaces Tony Abbott. Abbott's controversial policies - mostly broken promises of more socialism and declining popularity among Australians made him an quick and easy target after February's no confidence vote.

Political turmoil affected by a contracting global economy is only one aspect of change that will be commonplace throughout the globe in the near future. Significant economic and social changes are inevitable as citizens loss confidence leaders, structures, and policies promised to make their lives better. It's only a matter of time before the party and people turn on Turnbull.

Headline: Malcolm Turnbull Defeats Tony Abbott to Become Prime Minister of Australia

SYDNEY, Australia — Malcolm Turnbull, a former investment banker and lawyer, was sworn in as prime minister of Australia on Tuesday, after defeating Tony Abbott in a vote of Liberal Party lawmakers.

The vote Monday night was the second challenge to Mr. Abbott’s leadership in seven months. He came to power in September 2013.


more

----------------------------------

Market-driven money flow, trend, and intermarket analysis is provided by an Insights key.