Malcolm Turnbull was sworn in as Australia’s 29th prime minister on Tuesday following his successful ousting of Tony Abbott in a leadership challenge. He faces the challenges posed by a weakening economy, buffeted by a collapse in commodity prices and a slowdown in China, as well as a deeply divided Liberal party. Here are five areas on which he may focus in the months ahead.

Economic policy

While Mr Abbott ruled on the basis of gut feeling and conservative ideology, Mr Turnbull is seen as a deeper intellectual thinker and may, over time, lay the foundations for a more independent liberal economic policy. He is a fan of John Key, New Zealand’s prime minister, who has won three elections by implementing economic reforms without unleashing the ideological culture wars that alienated centrist voters from Mr Abbott. In the near term, Mr Turnbull is promising better communication and consultation. Business and consumer confidence may get a temporary lift. But deeper reform needs a second term.