Australia may be see a new Prime Minister, as Tony Abbott has been told he no longer has the support of his colleagues.
Abbott was approached before Question Time by deputy Julie Bishop who told him he no longer had the support of his Liberal colleagues, The Australian has reported. Communications Minister Malcolm Turnbull is understood to have also approached the PM to ask that a party meeting be called to settle the matter.
A change in leader could have flow-on effects for brokers if it further dampens consumer confidence. Confidence already took a dive in September, according to the Westpac - Melbourne Institute Consumer Sentiment Index. Any leadership spill could also see a change in Treasurer, as Joe Hockey has stated he "always has [and] always will" support Abbott, The Australian reported.