Australia’s latest prime minister has been sworn in, giving the economy and the property sector an opportunity to predict what the future might have in store. Malcolm Turnbull took the reins following a leadership challenge, which saw Tony Abbott defeated by 54 votes to 44.

Among those commenting on the new leader was the Property Council of Australia, which believes the renewed focus on the economy is what the nation needs to get back on track.

Chief Executive Ken Morrison explained that living standards need to be improved across the country, which will be encouraged by introducing extensive tax reforms. This may ultimately influence the real estate sector, giving people greater opportunities to apply for their first home loan to get onto the property ladder.

“The property industry underpins the strength of Australia’s economy as the biggest contributor to GDP and the nation’s second largest direct employer,” Mr Morrison emphasised.

The federal government will need to work alongside the property industry as a whole to ensure its needs are met, while also making provisions for its future success. The Property Council emphasised that any changes brought into force must be done so for the benefit of everyone living in Australia.

Other notable groups to have welcomed their new prime minister include Master Builders Australia and the Australian Industry Group. Both urged Mr Turnbull not to be afraid of introducing change and helping the economy grow in a sustainable manner. There are also high hopes the new leadership will spur confidence levels throughout the country.

Mr Turnbull is now Australia’s fourth prime minister since 2013. Julia Gillard was ousted from her position as PM following a leadership coup by Kevin Rudd, who later went on to lose the federal election.

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