Malcolm Turnbull: Industry bodies have welcomed a new prime minister with a track record in business. Source: Getty Images

Like Tony Abbott before him, who declared Australia is once again “open for business” on winning the election two years ago, Mr Turnbull comes to power with a pitch of “outstanding economic leadership’’ and “strong business confidence”.

Professional services firm PwC Australia’s chief executive Luke Sayer said that while change could be disruptive, Australia needed strong leadership and a vision of the future to realise the country’s potential.

“It is vital that government makes the case for a stronger nation, and this means getting on with cementing our free trade agreements, restoring the budget position, fundamentally reforming our tax system and fostering a culture of innovation,’’ Mr Sayers said.

“These are the issues that the Australian business community will ultimately judge this government on above all else.”

Property stalwart Greg Paramor told The Australian business people were “feeling very naked’’ about the lack of economic leadership and Mr Abbott’s refusal to address it and deal with Treasurer Joe Hockey.

“We’d look to the future and start planning and we’d feel pretty enthusiastic, but when you interceded that with the government, it was hard not to get pessimistic because there just wasn’t the leadership we needed,” Mr Paramor said.

He is optimistic Mr Turnbull’s leadership will hasten the legislation of crucial policy, including the China-Australia Free Trade Agreement and a suite of reforms to taxation, superannuation and industrial relations.

Moves made by the Abbott government to address trade union influence through the royal commission were an encouraging step for the property industry, Mr Paramor said, but more needede to be done.

“I think the (former) government did a good job of bringing that reform about, but there’s a lot more to be done, ”he said.

“We do need serious IR reform in this country — both at the militant level, and in simple things like double time on Sundays — these are things in a modern society that need to be reviewed.”

Mark Steinert, chief executive of Australia’s largest residential developer Stockland said the new Prime Minister’s clear communication style and business acumen should help build confidence.

“The focus on productivity, delivering value-add infrastructure, and harnessing Australia’s natural advantages to create jobs and prosperity will resonate,” said Mr Steinert, who is also president of the Property Council of Australia.

“Key will be connecting with the community and instilling confidence regarding the creation of sustainable jobs growth and prosperity.”

Fertiliser and explosives chief James Fazzino, of Incitec Pivot, says Australian business confidence needs a shot of stability, rather than any immediate action from the Turnbull government.

“In terms of business confidence in Australia what we do need is stability, and that would be the downside to the changes, ”Mr Fazzino said from Louisiana, where he’s showing 50 analysts and investors around an ammonium nitrate plant he is building there.

ANZ chief economist Warren Hogan said consumer and business confidence had been weak for many months because of a lack of direction on economic policy.

“Turnbull has put himself in corner by predicating change around economic issues, so he has no choice but to prepare a very comprehensive agenda which has to include substantive structural reform” he says.

Key crossbench senator David Leyonhjelm.welcomed the arrival of an economic liberal to the top job in the country.

“It’s not true that he’s a lefty. He’s absolutely more of a libertarian on tax and fiscal management than Abbott,” Mr Leyonhjelm said.

“The view he took on climate change was that everyone else was doing it, so let’s find the most market efficient method of doing it,” he says.

“It was encouraging to hear the Prime Minister designate say that disruption is our friend, and that the Australia of the future must be agile, innovative and creative.”

Telstra’s current and former chief executives both Welcomed MNR Turnbullk’s ascension:

“New PM @turnbullMalcolm brings welcome focus on innovation, technology and economic reform,’’ Andy Penn, tweeted.

“Malcolm has the ability to be a very good leader for Australia,’’ his predecessor David Thodey told The Australian.

Industry bodies also welcomed the arrival of a PM with a track record in business, and analysts say the former investment banker could lift consumer and business confidence through his popularity with voters and ability to explain the need for economic reforms.

Australian Chamber of Commerce and Industry chief executive Kate Carnell warmed to a promise of more collegiate and co-operative government, and urged Mr Turnbull to undertake reforms to boost productivity and competitiveness.

“We hope to see Mr Turnbull continue with efforts to repair government finances, fix the problems of federation, undertake critical tax reform and advance the cause of free trade,” she said.

Financial Services Council chief Sally Loane echoed the call for reforms, which AMP chief economist Shane Oliver and UBS economist Scott Haslem said now had a better chance of passing due to Mr Turnbull’s willingness to compromise with political opponents.

“The change does nothing to alter the underlying fundamental challenge facing Australia, which is the end of the resources boom and the resultant sluggish economic growth,” Dr Oliver said. “But it does have the potential to help.”

Dr Oliver said the government under the ousted Tony Abbott had been too easily sidetracked by issues such as Bronwyn Bishop’s expenses and ministerial gaffes.

Ms Carnell warned that business confidence is fragile, partly due to the instability of a fourth prime minister in 28 months, but Dr Oliver said Mr Turnbull’s popularity could ease that by making it harder for his own party or the Labor opposition to oust him.

IG market analyst Angus Nicholson said Mr Turnbull could lift sentiment after a raft of figures last week showed consumer and business confidence dipping again.

The Australian dollar has already risen since Mr Turnbull ousted Mr Abbott.

“Traditionally with conservative pro-finance, pro-business leaders, which I think Mr Turnbull is regarded among the investor community, you often see a boost in consumer and investor confidence,” Mr Nicholson said.

“If it does provide a boost to confidence, that can also boost the real economy.”

Mr Nicholson and Dr Oliver downplayed concerns about Mr Turnbull’s stance on climate change and the implications for policy.

Mr Turnbull had been negotiating with the then Labor government to secure passage of an emissions trading scheme when he was toppled as opposition leader by Mr Abbott in 2009.

Mr Abbott then won the 2013 election on a promise to abolish the carbon tax, which he subsequently did.

“The Abbott government position on climate change, even in the business community, has been somewhat unpopular,” Mr Nicholson said. “Big companies like Shell have clearly seen the need to divest into renewables and diversify and invest in clean coal, so I don’t think change on climate policy would be a deal-breaker with the business community.

“The key thing is there needs to be proper discussion and consideration. The worst thing they could do would be sudden change.”

With AAP