labour Pulls Out Surprise Win In Australia -- The Mining Tax Is Alive

julia gillard

After weeks of wrangling, a surprising outcome in the Aussie election. The labour party, led by PM Julia Gillard has won, and Gillard will retain her position.

The victory comes after the electors delivered split government, and both labour and the coalition of conservative parties sought to cobble together a government.

This means the controversial mining tax remains an issue for now (the conservatives would have killed it). The Aussie dollar was a big loser last night, though the general “risk off” sentiment of markets right now may have also had something to do with that. Shares of BHP Billiton only ended down modestly.

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