This is what can be expected now that the Liberal / National coalition has been elected
It's predicted that the Liberal / Nationals will hold 89 seats in the House of Representatives and ALP will have 57. Whilst a decisive win, the real difficulty that the Liberals face will be getting Legislation through the Senate. Current counting suggests the new Senate numbers will be LNP holding 33 seats, the ALP 25, and the Greens 10, with the other 8 seats made up of the DLP and other independent parties. So, it is a case of the coalition controlling the House of Representatives but facing difficulties in getting the policy measures that they would like to have legislated passed through the Senate.
The Coalition Election policy commitments include abolition of the carbon and mining tax packages, as well as reduction in the company tax rate by 1.5%.
The Coalition is committed to increasing pensions and increasing expenditure on health and education. There will also be new Paid Parental Leave Scheme, which is being funded through a tax levied on the top echelon of corporates, some 3,200 corporate tax payers.
A key part of the Coalition's economic strategy is to embark on major infrastructure projects.
The Coalition has committed to cut the growth in foreign aid, opting rather to invest that spending into building a stronger Australian economy.
The Coalition has committed to repeal the Fringe Benefits Tax amendments recently made by the Rudd Government.
The Coalition plans to implement what it calls the biggest deregulation exercise ever attempted in Australia. The cost of doing business in Australia has dramatically increased in the last decade and it would be fair to say that areas of regulation have been a major contributor to the increase in costs. To wind back dramatically these regulations should result in a smaller Public Service and diminish the bureaucratic compliance which businesses currently face.
The Coalition has won this election on the promise of generating stronger economic growth. If they manage to implement their policies and have Legislation passed in the Senate, then the economy should strengthen and ultimately reduce the current Budget deficit. However, there is no quick fix to this situation and the Government will need to be responsible and prudent in their spending plans.