Australia's protracted election campaign is finally over – signaling a boost to business confidence that could encourage the country's central bank to delay another interest rate cut, analysts say.
Conservative leader Tony Abbott swept to power in Saturday's federal election, with his Liberal-National Party coalition on track for a 32-seat majority in the 150-seat parliament, according to election officials.
While the new government's economic policies are not expected to differ significantly from the outgoing Labor government, analysts say the fact that the election is now over should boost confidence and investment plans that were on hold before the election should now be implemented.
"The macro-economic framework under both main parties is similar," Paul Bloxham, chief economist for Australia at HSBC, told CNBC Asia's "The Call" on Monday.
"Really, the big event this weekend was that we got past the election, so there's a bit less uncertainty and that will provide some support to business confidence," he added. "The fact that the election was announced so early in the year is one of the things that have weighed on confidence."