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CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 10 July 2016

Stop the votes

Residents of Brisbane lost interest in the election at least a week ago, and most were out enjoying the sunshine this weekend.

Many of the them were in the self-proclaimed "world's largest subtropical garden in a city centre" (a sceptic might wonder how many city centre gardens in the sub-tropics are jostling for this prestigious tagline?). 

Nevertheless, a lovely spot!


According to the news wires Bill Shorten of the Australian Labor Party (ALP) has finally conceded election defeat, some eight days after we went to the polls.

There remain thousands of votes still to be counted, which does seem somewhat ridiculous in this day and age.

I think we all can agree that the sooner e-voting is given the green light the better.

Even more than a week after the count began, the Coalition has only been awarded 74 seats, requiring 76 for a majority.

To be fair to him, Treasurer Scott "ScoMo" Morrison had always said the substantial postal vote would swing the result decisively towards the Liberals, the postals having favoured them historically. 

And so it has proved.

The Liberals are marginally ahead in two of the five remaining close seats - Flynn and Capricornia - with 15 to 20 per cent of the votes in each of the outstanding seats still to be counted. 

Expect a relief rally in the stock market tomorrow, with SPI futures tipping the market to open well over 1 per cent higher. 

Meanwhile property investors will breathe a little more easily knowing that negative gearing rules won't be touched for years - and perhaps more significantly, the capital gains tax discount will remain in place for at least another term. 

The June Labour Force figures are due for release on Thursday morning, with market analysts tipping a fairly modest result. 

Now that Prime Minister Malcolm Turnbull is "in", it will be very interesting to see how he fares.