Politics

Political news that affects economic policies and markets.

Politics
South Korean election begins after martial law turmoil
South Koreans will vote in a snap presidential election today, following months of political turmoil that begun when then-President Yoon Suk Yeol imposed martial law in December. The election’s major candidates are centre-left Democratic Party candidate Lee Jae-myung and Kim Moon-soo of Yoon’s conservative People Power Party. Lee led the final polls by 49.2% to Kim’s 36.8%, per Yonhap. “Your vote can change history and protect our democracy,” said Lee at a press conference yesterday. “Voting, the ultimate weapon of those who hold sovereignty, is the most powerful weapon to end insurrection.” Yoon imposed martial law in December after an investigation was opened into his wife Kim Keon-hee and four allied officials, with the country’s National Assembly overturning the declaration hours later. Yoon was then impeached, with the Constitutional Court unanimously upholding his removal from office in April and a criminal trial on insurrection charges beginning later that month. A snap election was called after Yoon’s impeachment, as South Korea requires new elections to be held within 60 days of the presidency becoming vacant. Lee led the Democratic Party from 2022 to 2025, including losing a presidential election to Yoon i
Politics
Party switch: Senator Cox exits the Greens, joins Labor
Senator Dorinda Cox has defected from the Greens to join Labor as she resumes her role in the federal Senate. The Western Australian senator made the announcement alongside Prime Minister Anthony Albanese in Perth on Monday. The pair confirmed she initiated the switch, with Albanese saying he had barely spoken to her beforehand, and that she had been considering it for a while. The shift will see Labor's Upper House numbers boosted to 29, leaving the Greens with 10. Cox is a Yamatji-Noongar woman and since 2023 has been the only Indigenous member of the Greens' federal cohort, as well as the party's Indigenous Affairs spokesperson. She also threw her hat in the ring for deputy leadership of the Greens after the May federal election, but was ultimately unsuccessful. "I am very, very grateful for this opportunity and I want to thank the Labor team for welcoming me, and I've spoken to the Prime Minister about the work I would like to do in the future as a member of a party of government," Cox said on Monday. “During some deep reflection, what my values represent as a First Nations woman, as a proud West Australian, what it is that I would like to achieve in my political life and what you can’t do from the crossbe
Politics
Karol Nawrocki wins Poland's presidential election
Right-wing populist Karol Nawrocki has narrowly won Poland's presidential election in a runoff against pro-European Warsaw mayor Rafał Trzaskowski. Nawrocki won 50.89% of the vote compared with Trzaskowski's 49.11%, according to Poland's National Electoral Commission. Initial Ipsos exit polls showed Trzaskowski with a 0.6% lead. “Thank you! For participating in the presidential elections. For the turnout. For fulfilling your civic duty. For taking responsibility for Poland,” wrote outgoing President Andrzej Duda, who endorsed Nawrocki. “Congratulations to the winner! Stay strong, Poland!” Trzaskowski had declared victory soon after the polls closed, saying: “This is truly a special moment in Poland’s history. I am convinced that it will allow us to move forward and focus on the future.” Nawrocki did not concede at the time. Nawrocki heads the Institute of National Remembrance, a state research institute intended to investigate Nazism and communism prior to 1990. He supports integration with NATO and United States President Donald Trump, with U.S. Secretary of Homeland Security Kristi Noem recommending Poland elect Nawrocki at a conservative conference in the country last week. Nawrocki is backed by the right-wing po
Politics
Hegseth calls on Australia to boost military spending
United States Secretary of Defence, Pete Hegseth, has called on Australia to increase military spending and activity to counteract China's presence in the Indo-Pacific region. Hegseth met with his Australian and Japanese counterparts, Richard Marles and Nakatani Gen, at a trilateral defence meeting over the weekend in Singapore. The three defence ministers covered a range of issues and focused on continued cooperation between Australia, Japan, the Philippines, and the U.S. in the South China Sea. However, Hegseth additional asked Australia to lift its defence spending to 3.5% of its GDP, in an effort to counter China's military presence in the Indo-Pacific area. "On defense spending, Secretary Hegseth conveyed that Australia should increase its defense spending to 3.5% of its GDP as soon as possible," the statement said. The Trump administration has previously requested Australia lift defence spending, but without a specific figure, and Marles said that a percentage point was not discussed after this meeting either. “I wouldn’t put a number on it. The need to increase defence spending is something that he definitely raised,” Marles confirmed on Friday, speaking to the ABC. Meanwhile, Tasmanian Senator Jacqui L
Politics
Hume breaks silence after Lib leader Ley benched her
Australia's Liberal Senator Jane Hume has broken her silence for the first time since being dumped from the shadow Cabinet, saying she was hurt both professionally and personally. Hume was booted from her role in shadow finance when the Coalition unveiled their frontbench earlier in the week, and was relegated to the backbench when Sussan Ley reshuffled the shadow ministry. This morning Hume told Seven's Sunrise that the decision hurt, especially coming from Ley. "It hurts professionally because I was such a hard-working and prolific and high-profile member of the frontbench in the previous opposition,” she said. “It hurts personally, too, because you know, Sussan and I are friends. "But isn't this the point now? This isn't the playground. This is the parliament. I'm not here to make friends. I'm here to make a difference." Despite being relegated, Hume said that being on the backbench was liberating as it allowed her to speak her mind more freely. "There is something very liberating about being on the backbench and being able to speak without having to stick to the party line and without having to stick to talking points," she said. Despite the turbulence in the coalition, Hume said she is committed to hel

Politics
Trump trade war turns domestic on tariff legality boiler
A United States Federal Appeals Court has temporarily stayed a ruling from the Court of International Trade that struck down President Donald Trump’s sweeping use of emergency powers to impose tariffs. Executive use of the International Emergency Economic Powers Act (IEEPA) to justify Trump's tariff agenda was deemed unlawful by the lower court earlier this week, prompting an immediate appeal from the administration. The decision to stay by the Appeals Court means that tariffs - central to Trump’s industrial strategy - remain in force as legal arguments continue to play out. Both sides have been instructed to submit written briefs by early next month. Trump’s top trade adviser Peter Navarro said the administration was assessing “all strategic options". “We will hear, within the next day or two, at a minimum, from the U.S. Trade Representative on how we will respond to all of this. We will respond forcefully, and we think we have a very good case with respect to this,” Navarro said. “I can assure the American people that the Trump tariff agenda is alive, well, healthy and will be implemented to protect you, to save your jobs and your factories and to stop shipping foreign wealth, our wealth, into foreign hands." T
Politics
Canada's PM Carney moves to align with Europe on defence
Canadian Prime Minister Mark Carney said he hopes to sign a major European defence rearmament plan by 1 July. The remarks were made on CBC’s Power and Politics following the Speech from the Throne, which committee his government to join ReArm Europe, a plan created aimed at bolstering European defence capabilities. Joining would mark a major step towards reducing Canada’s dependency on the U.S. for weapons and munitions. "Seventy-five cents of every dollar of capital spending for defence goes to the United States. That's not smart," Carney said. Carney took office before the spring election and has been in conversation with the European Union since then about joining the plan. The plan expects the nations on the continent to spend C$1.25 trillion on defence over the next five years. "We're making great progress on that, and by Canada Day, we'd like to see something concrete there," Carney said. Not long after Carney made these remarks, Donald Trump took to Truth Social, claiming that Canada is considering joining the U.S. defence system. “I told Canada, which very much wants to be part of our fabulous Golden Dome System, that it will cost $61 Billion Dollars if they remain a separate, but unequal, Nation, b
Politics
Elon Musk calls DOGE quits: 'DC worse than I thought'
Elon Musk, the world's richest and perhaps its most disruptive person, is leaving his role in Washington - ending his controversial 130-day tenure in the Trump administration as a "Special Government Employee." “As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,” Musk wrote on X. “The DOGE mission will only strengthen over time as it becomes a way of life throughout the government.” According to Reuters, a White House official said the post was accurate and Musk is leaving the administration and his “off-boarding will begin tonight.” Musk was granted carte blanche to do what Washington claims to want to do but never manages to - cut the fat, crack some skulls and make things more efficient. He headed up the Department of Government Efficiency (DOGE) - and in just over four months - helped slash nearly 12% of the federal civilian workforce, with more than 260,000 people losing their jobs. White House Office of Management and Budget Director Russ Vought said in a Fox Business interview on Wednesday "We are doing everything we can to codify DOGE cuts", through a bill in Congress known as a recission
Politics
Coalition reunited as Liberals, Nationals agree to a deal
UPDATED: After securing a deal to reunite the Coalition, Liberal Party leader Sussan Ley has unveiled her shadow cabinet on Wednesday. Following the shock split in the Nationals a week ago, the party met early on Wednesday morning to endorse a deal to rejoin the Liberals. According to the ABC, former Nationals leader Barnaby Joyce had warned current leader David Littleproud not to select shadow ministers without consulting the party room, to avoid ongoing divisions. He was also informed by Littleproud this morning that he would not receive a shadow portfolio. Meanwhile another ex-Nationals leader, Michael McCormack has confirmed he has been axed from the shadow ministry, Sky News reports. McCormack told the press afterwards: “I wouldn’t be human if I say I wasn’t disappointed, but I have a lot to offer. I was told it was generational change and a couple of those people are older than me. You have to ask the leader, it is his prerogative … I’m disappointed, but life goes on.” The following appointments are noteworthy: Ted O'Brien - treasurer, Tim Wilson - industrial relations and employment and for small business, Jacinta Nampijinpa Price - defence industry and defence personnel; Michaelia Cash - foreign affairs; And