Australia again open for business: Robb

Liberal front bencher Andrew Robb believes the new government will "reboot" the mining boom. Source: AAP

AUSTRALIA'S new government has promised to "massively" grow jobs by restoring investment confidence through the ditching of two major imposts impacting business.

Business groups were quick to congratulate prime minister-elect Tony Abbott and welcome the ascension of his Liberal-National coalition government, which is traditionally seen as more pro-business.

Senior Liberal Andrew Robb, who was finance spokesman in opposition, said the last six years was marked by a dysfunctional government riddled with waste.

"We can get Australia open for business, we will restore an appetite for risk and investment (and) people's jobs will grow massively," Mr Robb told ABC television on Sunday.

Bill Shorten, who was a minister in the defeated Labor government, defended his party's economic credentials but conceded division within it ranks gave the coalition an advantage in the political debate.

"When I hear the Liberals say that somehow Australia has been in a never never land for the last number of years, the facts contradict that," he told ABC television.

Mr Shorten, who is seen as a contender to lead Labor in opposition, points to an economy that is still growing at 2.6 per cent, has low inflation and a stock market that is above 5000-mark that is helping to generate double-digit returns for superannuation accounts.

"We will not allow the conservatives to steal the last five years and pretend it didn't happen," Mr Shorten aid.

But Mr Robb says the coalition government will "reboot" the mining boom that was finished under Labor by scrapping the carbon tax and the minerals resource rent tax (MRRT).

Minerals Council of Australia CEO Mitch Hooke agreed ditching the impost taxes would be a positive first step for an industry where its international competitors face no such comparable imposts.

"The carbon tax has been a dead-weight on the economy that has failed to achieve its environmental objective while adding massive new costs on the minerals sector," he said.

"Repeal of the MRRT will make a material difference to industry confidence."

Mr Abbott is likely to face a hostile Senate trying to get his agenda through.

While the make-up of the upper house yet to be decided, Business Council of Australia (BCA) president Tony Shepherd says the new government has been given a clear mandate that should be respected by the parliament.

"It's time to stop politicking," Mr Shepherd said in a statement for the group that represents the nation's top 100 CEOs.

The Australian Institute of Company Directors CEO John Colvin said the new government should move decisively in its first term to reduce unnecessary regulation and red tape, which is "strangling business and stifling investment and job creation".

Australian Industry Group Chief Executive Innes Willox said the election outcome has the potential to deliver a much-needed period of political stability and certainty and lay the groundwork for strong gains in productivity and competitiveness.

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