Analysts at ANZ noted that with the rejection by the Senate of the Government’s bill on the construction watchdog yesterday, Australia looks to be heading for a double dissolution election on 2 July. Key Quotes: "The Commonwealth Budget will be delivered on 3 May and then the financial appropriations bills will have to be passed. Following that, Prime Minister Malcolm Turnbull will make the call. After such a promising start for the Turnbull administration, the Government is now running head to head in the polls with Labor. And the Budget is unlikely to be a traditional election budget given that the cupboard is bare, and ratings agencies are looking for a stronger commitment to budget repair to maintain Australia’s AAA rating." For more information, read our latest forex news.