Business leaders in Australia generally feel the new government elected in September will focus on boosting the nation’s flagging economy. The parliamentary elections ushered out the liberal Labor Party after six years in power, replaced by a conservative coalition led by the Liberal Party, which despite its name, is regarded as center-right in Australian politics.

Liberal Party leader Tony Abbott will serve as the new prime minister.

The election was a frequent topic at Hart Energy’s DUG Australia conference, held in Brisbane a matter of days before the vote. Energy issues, in particular a carbon tax that sharply raised power costs, were among the issues that stirred voter discontent with the incumbents. Abbott has vowed to repeal the carbon tax next year.

Abbott also has promised to repeal an excess profits tax on coal and iron ore mining companies, which he blamed in part for a downturn in the nation’s raw materials industries. Minerals exports had boomed in recent years. The 30% tax was designed to cash in on burgeoning profits from a mineral boom fueled primarily by Chinese industrial demand.

However, the tax that initially was forecast to earn the government A$3 billion per year collected only A$126 million in its first six months, according to government statistics. Abbott also pledged during the campaign to loosen business regulation.

Coal-seam gas is a major reserve source for Australia’s growing LNG business.

“Business is looking for urgent action to unwind policies that have hurt our competitiveness,” Tony Shepherd, president of the Business Council Association of Australia, told reporters following the election.

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