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How come it's still leading to two major parties?
It's still not that old (~10 years or so iirc), it takes time for a third party to be major contentender. Earlier on you're more likely to see third party wins in more local than national level elections.
It's not an insta-win for third parties. But that's ok, because local elections matter, and that's where you'd typically see results first.
We have four Major Parties - Labor, the Liberals, the Nationals, and the Greens. If you understand their relative power based on our system of government, you’ll see that we’re somewhere in between the US and the EU with regards to representational democracy. It’s not great, but in the Anglospheric context we do pretty well because the others don’t have our combination of Ranked Choice Voting (RCV), Proportional Representative Voting (PRV) and Mandatory Voting.
Maybe it's just to me, but liberal/national coalition and labor seem like the two major parties, green is barely at the table still.
If you exclude the coalition, national has 4 times the representation of green, and liberal 3 times that.
Just my opinion here, but it's still two major parties, with the thirds coming up in ranks and getting some momentum going. It'll be a good day imo when the greens overtake the nationals (and maybe one day the liberals), but I personally don't see it as representative of the people yet. Improving, but still functionally two parties.
I guess it depends on your definition of ‘major’. I think in a pluralistic democracy, any party that represents 10+% of the population meets that criteria. Of course, from the perspective of a two-party system 10% doesn’t seem like much, but it’s significant enough to have held the balance of power many times since the Greens came into existence in the ‘90s.
Long answer, it's complicated as usual. Short answer: single member electorates.
Not surprisingly, the senate (our upper house at the federal level) is much more representative than the lower house, because they have very large, multi-member electorates.
If you live in a safe seat, your vote only counts for election funding (last I checked $2ish per 1st preference).