Five months into his role, current Australian Prime Minister (and we say current for very good reason because Aussies’ trade prime ministers like Pokemon cards) Scott Morrison will deliver a speech today pledging the creation of 1.25 million jobs over the next five years.
In addition to these jobs, PM Morrison (or as his limited edition Aussie PM trading card says, ScoMo) will also promise to eradicate net debt within a decade. In other words, Australia is going to pay off more than $350 billion over the next 10 years. Crikey that’s a big one.
Morrison’s speech will attempt to begin framing the election and the Liberal campaign as a choice between a strong economy and a weak economy. The Australian federal election is due to be held in May this year, so strap yourselves in for a few more months of politicians making promises, kissing babies and riding around in overtly branded coaches.
The market doesn’t expect this speech to have a huge impact on the value of the AUD. Rather; events in other countries will have the biggest effect on our currency this week.