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World

Australia's election too close to call

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Opening sequence

World

Australia's election too close to call

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COMING UP:Australia's election too close to call

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Transcript

00:00:00
>> More than ten million voted counted, but no clear winner. Australia's federal election currently deadlocked with nearly 80% of votes reportedly tallied. The country left in limbo as political horse trading begins. Prime Minister Malcolm Turnbull needing the support of smaller allies to return his liberal party to government.
00:00:21
>> Tonight, my friends, I can report that based on the advice I have from the party officials, we can every confidence that we will form a coalition majority government in the next term.>>
APPLAUSE
The election was meant to end a period of political turmoil in Australia, which has had four prime ministers in three years.
00:00:45
>> We will not know the outcome of this election tonight. Indeed, we may not know it for some days to come. There is one thing for sure. The Labor Party is back!
00:01:09
If the current coalition fails to form a government, it'll be the first time in 85 years an Australian ruling party has lost power after its first term in office. The uncertainty's likely to spook markets when they reopen on Monday, with analysts predicting a fall in the Australian Dollar and the share market.