Background: Australian politics a focus today for AUD market

Deputy PM Barnaby Joyce ruled ineligible for parliament

This means the government has lost its majority

More to come ... or to go I suppose

Yep - more gone:

  • Senators Malcolm Roberts, Larissa Waters, Scott Ludam and Fiona Nash are out also

Nick Xenophon and Matt Canavan are safe

The senators who are out will be replaced by members of their own party for the time being (its complicated, but that's it in a nutshell).

The big news is the Barnaby Joyce news - he is out and thus the government loses its one-seat majority in the house of Representatives (the lower house) (again, its complicated, but nutshell)

  • there will be a by election in his seat, likely December 2


AUD dipped under 0.7630 as the new broke and is just above there now.