The business landscape will change dramatically over this term of the Coalition Government, with a range of new policies and a restructured economics team in Cabinet.
The new-look Cabinet will be revealed next week but there is already strong speculation that the portfolios that directly relate to the business sector will be laden with key players from the former Howard Government.
There is speculation that eight of these 10 business-related portfolios will be given to former Howard Government ministers or advisers, in a bid to emulate the economic success of the decade to 2007.
The cabinet could include Arthur Sinodinos, Mr Howard's closest economic adviser who is in line to become finance minister if he beats anti-immigration campaigner Pauline Hanson in a fight for NSW's last Senate seat.
Andrew Robb, who is likely to become minister for trade and investment, promised yesterday the party would bring back the mining boom, which would be expected to have flow-on effects to other sectors. "As of today, the mining boom will be rebooted," he said on television yesterday.
The WA Chamber of Commerce and Industry believes the change in Government and the vast array of new policies, could provide the circuit breaker needed to restore confidence among business and consumers.
Chief executive James Pearson has nominated the reduction in the company tax rate, by 1.5 per cent, and the pledge to reduce red tape by $1 billion a year as the most important changes for business.
The other key changes that will affect business are:
·Abolishing the carbon tax, saving $1 billion a year. The change is expected to reduce power bills for business and their suppliers.
·Eliminating the mining tax within 100 days.
·Introducing paid parental leave, to a woman's full wage for 26 weeks, capped at $75,000. This is not means tested.
·Imposing a 1.5 per cent levy on the nation's 3000 biggest companies (to pay for the parental leave policy).
·Delaying increases to mandatory employer superannuation contributions by two years, so that compulsory super guarantee contributions will not hit 12 per cent until July 2021.
·Abolishing the instant asset write-off for small businesses; discontinuation of the loss carry-back; discontinuation of the phase-down of interest withholding tax.
·To conduct a tax White Paper on the Ken Henry tax proposals.
·Building a $29.5 billion NBN system using fibre to nodes on street corners and then relying on copper between nodes and homes.
·Ensuring Commonwealth departments and agencies meet obligations to small businesses and contractors by adopting a "pay on time or pay interest" policy.
·A root and branch review of competition laws in a bid to create more competitive markets.
·Creating a Small Business and Family Enterprise Ombudsman.
·Restoring the building industry watchdog in a bid to curb union power.
The Association of Mines and Metals Australia welcomed the Coalition win but said the mining boom was not over.
"The industry has never adopted a simplistic boom versus bust dichotomy. We have never accepted that resources growth is 'over'," chief Steve Knott said.