Australia's new PM raises hopes for economy as mining fades
Prime Minister-elect Tony Abbott's declaration that Australia is "open for business" and promises of tax cuts and reforms have raised hopes he will re-energise the economy as it makes a painful transition from a mining boom.
(AFP) Prime Minister-elect Tony Abbott's declaration that Australia is "open for business" and promises of tax cuts and reforms have raised hopes he will re-energise the economy as it makes a painful transition from a mining boom.
Australia's commodities-powered economy is seen as a global success, and its resilient growth, low unemployment and surging resources sector have shielded it from recession for more than 20 years, even during the global financial crisis.
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