Investment banker Malcolm Turnbull has today been sworn in as Australia’s 29th prime minister, after a Liberal Party leadership challenge that saw Tony Abbott ejected by 54 votes to 44.
Formerly Minister for Communications within Abbott’s cabinet, Turnbull is a former Rhodes Scholar and Lawyer who later moved into investment banking. After establishing his own firm he became a partner at Goldman Sachs before overseeing the expansion of several tech businesses in the early 1990’s.
He has been MP for Wentworth in New South Wales since 2004, was briefly Liberal Party leader in 2008/2009 and is known for his fiscally liberal, socially progressive politics.
Confidence and Stability
Australia’s financial and business community on Tuesday, and there is hope that this signals the start of a period of stronger leadership and direction for Australia’s economy. Turnbull is expected to bring a welcome focus on innovation, technology and economic reform.
Turnbull himself is a property investor and through his investment in Morgan Stanley Real Estate Fund VI.
In the immediate term this change of leadership will have a limited but positive impact. The Liberal Party was elected on a mandate that is still in place despite the new party leadership.
In the longer term this is expected to be a stabilizing force for the Australian government – Turnbull is a strong free market, pro-business advocate and is widely respected. There is likely to be increased confidence in the security and direction of the national economy and therefore positive investor sentiment.