Australia's Morrison to Secure Majority as Shares Rally on Win
- Banks, property stocks, health insurers surge in Sydney
- Coalition’s come-from-behind win is biggest since 1993 ballot
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Prime Minister Scott Morrison’s center-right government will command a parliamentary majority, the Australian Broadcasting Corp. projected Monday, fueling a stock market rally as investors welcomed his surprise victory in the weekend election.
The Liberal-National coalition will secure 77 seats in the 151-member lower house to Labor’s 68, the broadcaster’s election analyst Antony Green said. The victory is the biggest come-from-behind win in a generation after Morrison successfully urged voters not to risk a change of government amid a slowing economy.