Australian Prime Minister Scott Morrison

Scott Morrison is respected by investors and his elevation to Australian prime minister is a good outcome, analysts say, with the latest bout of political instability unlikely to hurt the economy.

The 50-year-old outgoing treasurer took the top job after a Liberal Party revolt instigated by hardline conservatives, led by Peter Dutton, to unseat moderate Malcolm Turnbull.

Morrison was an ally of Turnbull’s and presided over the economy as the government sought to return the budget to surplus and simultaneously cut personal income and small-business taxes. Analysts see him continuing along the same economic path now that he has climbed into the prime minister’s chair.