It seems that the knives are out for Australia’s Prime Minister, Tony Abbott. Extreme care is probably required because of Australia’s economic outlook, plus the national security considerations.
As an outsider, I would suggest that Australia has perhaps lived beyond her means benefiting from the enormous wealth of natural resources? Now that natural resources are going through a tougher time, so is Australia. A second observation is that Australians carry very high debt levels to support domestic property investment, so with a weakened economy, there’s an increased risk of bursting the property bubble? Thirdly, Australia needs to face that austerity is the right shock policy for financial weakness – like in Europe, structural reform is essential for international competition.
For me, despite Tony Abbott’s perceived weaknesses, a political coup of a serving Australian Prime Minister would appear to be highly risky.