Prime Minister Scott Morrison has secured a third term in office for his Liberal-National coalition with a surprise election victory, after Australian voters rejected the Labor opposition’s progressive policy agenda.
The shock result has wide-ranging implications for a slew of listed companies, from banks to builders and resources firms, with Labor’s plans to scale back tax incentives for investors and take tougher action on climate change now dead.
“Markets hate uncertainty and now you’ve just ripped all that uncertainty out of the market,” said James Whelan, investment manager of VFS Group’s global macro fund. “Buy everything.”
Here are the stocks to watch: More…