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Australian market calm as Anthony Albanese becomes prime minister

Labor's economic policies 'not radically different' but clear win soothes nerves

The new Australian prime minister, Anthony Albanese, has pledged tax relief for more than 9 million Australians with incomes above a certain threshold. (Source photos by Reuters)

SYDNEY -- Australian stocks opened slightly higher on Monday after Labor leader Anthony Albanese was sworn in as the country's 31st prime minister, ending almost a decade of conservative rule.

The benchmark S&P/ASX 200 index opened 0.2% higher before ending the day nearly flat at 7,148.90.

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