Economies of countries, stock markets, local currencies, and the binary options industry usually perform better when investors, business people and consumers have confidence that their government is capable of managing the country. Perceptions are heavily influenced by the track record of key political figures as communicated through their messages, statements, press conferences and interviews. The recent leadership change in Australia illustrates how all these factors influence how a country is managed.
Impact on Binary Options Trading
In September 2015, Malcolm Turnbull replaced Tony Abbott as prime minister of Australia. This had an immediate positive effect on the Australian economy due to public confidence regarding Malcolm Turnbull and his ability to steer the economy in the right direction. It had a direct effect on the binary options market in the short-term with an immediate positive impact on share prices, commodity prices, the value of the AUD and indices. It also had an indirect impact on the economies of several countries outside Australia, especially countries trading directly with Australia.
Who is Malcolm Turnbull?
Malcolm Turnbull is an Australian self-made millionaire worth an estimated AUD$200 million with a successful career in the business world. His resume includes being a Rhodes Scholar, lawyer, investment banker and managing director at Goldman Sachs Australia. He is also the co-founder of the Australian Internet Service Provider OzEmail and has served as a member of Parliament, opposition leader and cabinet minister.
Turnbull is also technologically-savvy and makes regular updates to his Twitter, Instagram, Facebook, Disqus and YouTube Accounts. In order to connect with the public and hear people’s views he often takes public transport including buses, trains, light rail and ferries. He also engages with people through social media, public events and email communication.
Turnbull’s Leadership Style
He looks at Australia’s many problems with optimism in a similar way to how entrepreneurs look at problems businesses could face. By looking at how you deal with a situation, rather than blaming someone or the situation itself, he is significantly more likely to get better results and gains in the long run. An example of this attitude includes the following statement that he made shortly after taking office as prime minister: “If we want to remain a prosperous first world economy with a general social welfare safety net, we must be more competitive, we must be more productive and above all we must be more innovative.”
The agenda of his prime ministership includes a major focus on promoting innovation, science and start-up companies. It is also focused on matching education, from high school subjects, university courses and apprenticeships, with skill shortages in Australia.
Other initiatives of his prime ministership include modernising government service delivery, developing the northern Australian territory and federally funding major city infrastructures. All this comes with the objective of making cities more liveable, productive and efficient and ensuring affordable housing.
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