PERTH (miningweekly.com) – The resources sector has been slow to welcome Malcolm Turnbull as the new Australian Prime Minister, following a party spill on Monday evening.

Turnbull was sworn in as Prime Minister on Tuesday, after Tony Abbott lost the leadership of the Liberal party through a ballot vote, which Turnbull won 54 to 44.

In his first address as Prime Minister, Turnbull said he was filled with optimism and would, in the months ahead, be setting out more of the foundations that would ensure Australia’s prosperity in the years ahead.

“There has been a change of Prime Minister but we are a very, very strong government; a very strong country with great potential. And we will realise that potential working very hard together.”

Speaking to reporters following the vote, Turnbull noted that Australia would now have a clear economic vision and a leadership that explained both the challenges and opportunities facing the nation.

“A government that describes the way in which we can handle those challenges, seize those opportunities and do so in a manner that the Australian people understand so that we are seeking to persuade rather than seeking to lecture.”

“We cannot be defensive; we cannot future-proof ourselves. We have to recognise that the disruption that we see driven by technology, the volatility and change is our friend, if we are agile and smart enough to take advantage of it. There has never been a more exciting time to be alive than today and there has never been a more exciting time to be an Australian.

“We will ensure that all Australians understand that their government recognises the opportunities of the future and is putting in place the policies and the plans to enable them to take advantage of it,” Turnbull said.

The Australian Petroleum Production & Exploration Association (Appea) has welcomed Turnbull’s promise of renewed focus on economic and regulatory reforms to improve Australia’s global competitiveness.

“The Prime Minister has spoken of seizing the opportunities from technological and other changes sweeping global markets. The liquefied natural gas (LNG) industry is doing just that,” said Appea CEO Malcolm Roberts.

“Australia is leading the world in producing LNG from coal-seam gas and will pioneer the use of floating LNG platforms to tap otherwise uncommercial offshore gas reserves. 

“The sharp fall in international gas prices is placing local industry under pressure. The LNG industry is striving to reduce costs to stay competitive in a crowded global market.” 

Roberts said regulatory reform could make a significant contribution to ensuring Australia stays competitive and attracts investment, adding that the return to the community from developing the country’s natural resources was huge and the Commonwealth would be pivotal to capturing the opportunities ahead.

The Australia-Africa Mining Industry Group has, meanwhile, welcomed the news that Julie Bishop would retain her role as second-in-command of the Liberal party, pointing out that as the Minister of Foreign Affairs, Bishop had spent the last two years building a strong understanding of issues facing Australian miners in Africa.