While Australia's revolving door of prime ministers appears unsettling, having self-made millionaire-turned-politician Malcolm Turnbull at the helm could be a positive development for the country's troubled economy, say analysts.
Turnbull – who had been serving as the communications minister - was sworn in on Tuesday after defeating Tony Abbott in a dramatic leadership ballot a day earlier, becoming the country's fifth prime minister in eight years.
"The change in leadership has the potential to help Australia," said Shane Oliver, head of investment strategy and chief economist at AMP Capital. A man of many trades, Turnbull, a sixty-year-old Sydneysider, worked as a journalist, barrister, businessman and banker prior to launching a full-time career in politics.
First off, Turnbull is a more popular leader in Australia, particularly amongst Labor and swinging voters, said Oliver. "As a result we are likely to see a short term boost in economic confidence," he said.
Ousted Abbott had been struggling with a falling approval rating for more than a year owing to a combination of factors, including a harsh budget in 2014 and a slew of unpopular policies such as the roll-back of climate change legislation and his opposition to same-sex marriage.