Australia may be half a world away from the UK, but the latter’s election could have a large effect on Australia. Incumbent Minister Theresa May called a snap election eight weeks ago, and on 8 June the British public will take to polling stations to cast their vote. The election matters to Australians, and here are the reasons why:
If Theresa May’s Conservative party wins, the pound will strengthen and the international stock market will gain in confidence. However, if the Tories scrape through or lose, there will be market instability. If Britain’s stock market suffers, Australian investors may retract.
The Conservative’s “hard Brexit” stance will be tough on Australia. Many Australian companies have their European headquarter in the UK. This could change if the country stops being a central springboard to the EU.
Several Australian students studying in the UK currently benefit from fairly liberal work visa deals after they graduate. A solid Tory win may mean that all countries, including Australia, may have restricted freedom of movement to the UK.
If Leader of the Oppostion Corbyn succeeds, Australian politicians may have to consider that the world is progressing from the “neo-liberal” free trade ideas the UK has championed for years.