Election 2016: What expert economists are saying
Bleary-eyed political pundits are still recovering from a weekend where analysts and commentators explores every possible aspect of what is effectively no-result.
Of course, some of the nation’s most influential economists are less than impressed. Here’s just some of their observations and insights made while a nation holds its breath.
Shane Oliver, Chief Economist at AMP Capital
The prospect of another three years of de facto minority government coming on the back of the minority Gillard/Rudd government over 2010-13 and the 2013-16 Coalition government's inability to pass much of its economic and budget reform agenda through the Senate is not a good outcome for the Australian economy.”
"Whoever wins, it means that the risk of a sovereign credit rating downgrade has increased further."
Savanth Sebastian, economist at CommSec
We haven't seen businesses committing to their investment plans so, if anything, this may hold them back even further
From a market perspective, it adds more risk to the downside for interest rates. The Reserve Bank will think long and hard about providing the economy with another rate cut if activity levels remain relatively soft.
Peter Costello, Former Federal Treasurer,
Australia comes out of this election totally divided and that will only be decided by another election.
(While) the public wants the results, the public is (also) so divided we're not getting them. I don't think this (election) is a good outcome for the country. It will only be resolved when the country is ready to resolve it.
John Brogden, Chief Executive at Australian Institute of Company Directors
We think this is the worst possible outcome for Australia. What we want is for whomever gets elected is to remember that they are there for the country, not for themselves.
There are businesses looking to invest and we need certainty about Australia’s economic future.
Jennifer Westacott, Chief Executive, Business Council of Australia
While counting of votes is likely to continue for several days, Australians and Australian business can ill-afford gridlock, recriminations or infighting.
We need all parties who are likely to be represented in parliament to focus on the importance of improving Australians’ standard of living through a strong and growing economy.
When the next government is formed, it must continue to tackle the important tasks of reform.
James Pearson, Chief Executive, Australian Chamber of Commerce and Industry
Whichever major party forms government, they will need to build a constructive relationship with the crossbench to get things done.
This takes goodwill on all sides. The business community is ready to play its part in contributing to the development of sound policies. We cannot afford three more years of policy gridlock.