Australia’s Opposition Coalition Falls Apart as National Party Withdraws Support

Australia’s Opposition Coalition Collapses as National Party Withdraws Support

Australia’s opposition coalition has fallen apart as the National Party announced it is withdrawing its support from the Liberal Party. National Party leader David Littleproud stated that the party will now sit independently, citing principled reasons for the decision.

The political uncertainty surrounding the dissolution of the opposition coalition has put downward pressure on the Australian Dollar (AUD), which is trading lower against its key rivals. Traders are holding off on further moves, awaiting the Reserve Bank of Australia’s (RBA) policy announcement later in the day at 4:30 GMT.

As the National Party breaks away, the ruling Labor Party is set to benefit from the opposition's disintegration, gaining an increased mandate across the country.