Business

Business as usual for Australian economy under new PM

Analysts see him continuing along the same economic path now that he has climbed into the prime minister’s chair

Afp August 26, 2018

Morrison was an ally of Turnbull’s and presided over the economy as the government sought to return the budget to surplus and simultaneously cut personal income and small-business taxes. PHOTO:REUTERS

SYDNEY: Scott Morrison is respected by investors and his elevation to Australian prime minister is a good outcome, analysts say, with the latest bout of political instability unlikely to hurt the economy. The 50-year-old outgoing treasurer took the top job after a Liberal Party revolt instigated by hardline conservatives, led by Peter Dutton, to unseat moderate Malcolm Turnbull. Morrison was an ally of Turnbull’s and presided over the economy as the government sought to return the budget to surplus and simultaneously cut personal income and small-business taxes. Analysts see him continuing along the same economic path now that he has climbed into the prime minister’s chair. “He did not bring on the challenge so can’t be blamed for the instability,” said AMP Capital chief economist Shane Oliver.

Published in The Express Tribune, August 26^th, 2018.

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