Whilst it’s too early to tell exactly what direct policy effects -- if any -- the installation of Malcolm Turnbull as new prime minister will have on Australia’s property industry, it’s clear that as Australia’s 29th prime minister he will be putting much needed focus on the economy.
Lagging in the polls for many months, the coalition government has been heavily criticised for losing traction in managing the economy and communicating with business. With a current global backdrop of volatility in markets, stability is craved by most investors and with a sagging local economy strong leadership is required. And some political stability would help, too.
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After being elected as prime minister-designate Malcolm Turnbull was forthright in the need for focusing on our economy.
"We need to have in this country, and we will have now, an economic vision, a leadership that explains the great challenges and opportunities that we face, that describes the way in which we can handle those challenges, seize those opportunities, and does so in a manner that the Australian people understand so that we are seeking to persuade rather than seeking to lecture," Mr Turnbull said.
"It will be a thoroughly Liberal government committed to freedom, the individual and the market.”
It’s well known that Australian business leaders warm to Turnbull and that they are frustrated with the instability that has dominated Canberra for the last four years. Australia needs further economic reform as challenges continue to arise especially with the proliferation of the digital economy and declining resources industries.
It appeared overnight after his election that currency traders endorsed Mr Turnbull with the Australian dollar reaching through US71c.
Mr Turnbull’s free market approach has been well documented. Mr Turnbull is a former investment banker and head of Goldman Sachs in Australia, corporate lawyer, and technology entrepreneur who helped set up internet provider OzEmail making a fortune in the process.
It remains to be seen whether he can last the current parliamentary cycle and institute some real reform and stability, but the message from business and investors is clear: the government must get its economic management in order.