The New Australian Government is “Open for Business"
Significant changes in Australia are expected as the new Prime Minister (PM) Tony Abbott was sworn in on 17 September. Among other policy priorities, PM Abbott has promised to rein in government spending, repeal an unpopular tax on carbon emissions, and encourage foreign investment.
Australia - Under new management
On 7 September, Tony Abbott was elected Australia’s 28th prime minister, defeating the Labor party candidate, Kevin Rudd, and delivering a decisive win for the Liberal-National coalition after six years in opposition. Promising to deliver stability and consistency, PM Abbott stated in his victory speech that “Australia is under new management and once again open for business”. He also stated his government would be “a government that says what it means and means what it says”.
PM Abbott has clearly signalled that he will work towards strengthening relations with key partners in the Asia-Pacific and Indian Ocean regions as well as important trading partners elsewhere. What is evident, the Coalition will welcome foreign investment to the Australian economy. With a team of experienced Cabinet Ministers, PM Abbott is quickly moving to demonstrate his authority and showcase the new regime’s willingness to do business.
Amid a surge in the Australian share market and the highest levels of business confidence in two years, the political climate is favourable for Abbott and his team to advance his policy priorities that he has pledged will lower the deficit, cut red tape, slash taxes and reduce the size of government.