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What does Turnbull mean for Australian business?

What does Turnbull mean for Australian business? (Last Updated On: September 16, 2015)

If you were not captivated enough to stay tuned for the decision on Monday night, you certainly awoke to the barrage of media articles informing us that Tony Abbott was out and Malcolm Turnbull was in.

Opinion polls and public commentary all reflect the sentiment that we are much more confident as a nation in the hands of Turnbull. He is smart, he is presentable, he is an authoritarian and he is a successful businessman.

Not only did Turnbull experience the highs of two very prosperous businesses, Ozmail and an investment banking firm, he has also experienced the extreme low when he was embroiled in the HIH collapse, which at that stage was Australia’s second largest insurance company.

Taking this into account, what does it mean for Australian business owners? Will his first hand experiences favour businesses, large and small?

Whilst in power Abbott appeared to have a strong stance on supporting entrepreneurs, start-ups and all Australian businesses and at this stage, it is too early to determine if any reforms will change as a result our new leader.

Turnbull has remained relatively quiet over the past few years but has previously shown his support for Australian businesses and IR legislation.

In 2009, in his role as opposition leader, Turnbull promised any changes to the, at that time, newly introduced Fair Work Act would be put to the public prior to an election. In conjunction, the Coalition tried to amend a Fair Work Bill to exempt more small businesses from unfair dismissal laws. In response to this, Turnbull stated that ‘Labor’s decision to confine a less onerous unfair dismissal regime to businesses with fewer than 15 employees would cost jobs’. In addition, on 17 May this year, in his previous role as Communications Minister, Turnbull addressed parliament stating the Labor Government ‘stifled innovation and disincentivised start-up companies‘. He went on to say, ‘one of the important things we should do is to make sure that we remove as many obstacles to enterprise and entrepreneurship as we can; in other words, to clear the way for that spirit of enterprise to take off. That is one of the reasons the Abbott government has been so assiduous in cutting regulation and red tape wherever we can, and we will continue to do that.’

Only time will tell what the upshot will be but in the interim, it appears that Australian business could be well supported with Turnbull in power.

 

Source: SMH, HC Online and malcolmturnbull.com.au

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