On the 24th November 2007, Kevin Rudd became the 3rd Labour Opposition leader to win an election and becomes the new Australian Prime Minister.
He is also the first Prime Minister from Queensland since 1910, and could bring a new era of prosperity for Australia if he maintains the course set by his election promises that captured the hearts and votes of Australians in the lead up to the election.
In his acceptance speech, a joyful Mr Rudd committed himself to govern for all Australians and to build on the foundations of the present to create a better, stronger Australia and give everyone a “fair go”.
I was heartened to hear him as I feel strongly that Australia is in a very strong position financially and if he can bring in some freshness to the social agenda and maintain a fiscal discipline, then Australia will continue down the current path of prosperity and fairness that has made this country great.
We will look forward to the coming months as Mr Rudd takes control and begins to implement his policies and watch with great interest the potential impact on the country as a whole and the property market specifically.
He has announced measures to make housing more affordable and offer additional assistance to first home buyers, so we will report on these as the details come to hand.
His home state of Queensland, is likely to be a major benefactor from his victory, as it delivered many of the required seats needed to shift power from the Howard Government.
The confidence surrounding a “local boy” being in charge should be a major boost to the Queensland economy, already experiencing a upward shift in the property market, and will further stimulate growth in the state and property markets.
If you needed any inventive to enter the Queensland property market, then this may well be your final chance before the rush begins.
The overall Australian economy is in great shape, and should also benefit strongly from a change of perspective and improved confidence.
Mr Rudd inherits a strong financial base to build upon and fully fund his programs, and should be able to allow him to advance social issues without sacrificing fiscal well being.
All this goes well for a country already considered to be the land of opportunity for over 160,000 incoming migrant last year, and this trend is likely to continue in the coming years.
We look forward to monitoring the Rudd led Labour Federal Government and bringing you news on the policies that will directly affect offshore based property investors and expatriates.
