Loon Pond on verge of historic Coalition split

The latest victim of Do-nothing Malcolm is the Liberal Party of Australia, via The Australian:

Fears are mounting within the Liberal Party that maverick South Australian senator Cory Bernardi is set to split from the Coalition to spearhead the new Australian Conservatives party, with an announcement expected in the new year.

The conservative firebrand and his “very close friend” Gina Rinehart met key members of US president-elect Donald Trump’s campaign team, including former New York mayor Rudy Giuliani and campaign manager Kellyanne Conway, in Washington last month, fuelling fears the senator might have the support of Australia’s richest woman to bankroll the party and dilute the Liberals’ support base.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.