Campaigning for the Federal election on May 2nd got well underway last week, with most of the major parties unveiling new economic policy initiatives. The bottom line is that the focus is still on eliminating the Federal budget deficit, which is expected to be about $30bn, or 2% of GDP, this year. Accordingly, we don't expect the election to have any major impact on financial markets, particularly not when the most likely outcome is another minority Conservative government.
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