Australian shares have finished the day slightly higher, while Labor Party leader Anthony Albanese was sworn in as the country's 31st prime minister after nine years of rule by the conservative Coalition.
ASX 200 closed up 0.1 per cent to 7,149. The All Ordinaries gained 8 points or 0.1 per cent to 7,399.
Mr Albanese promised a "journey of change" as he vowed to tackle climate change, rising living costs and inequality.
On the share market, miners climbed 0.8 per cent and touched a more-than-two-week high after iron ore prices surged on Friday.
BHP Group, Rio Tinto and Fortescue Metals Group rose between 1.1 per cent and 2.8 per cent.
Incitec Pivot was down 3.7 per cent after surging as much as 7.5 per cent when the fertiliser maker said it would spin off its explosives manufacturing and fertilisers businesses.
Energy stocks added 0.3 per cent, benefiting from strong oil prices. Major oil and gas explorers Woodside and Santos gained 0.5 per cent and 1.2 per cent, respectively.
Domestic technology stocks were up 0.4 per cent, despite Wall Street's weak finish last week.
Block tumbled 2.4 per cent, while WiseTech Global gained 0.6 per cent.
Financials shed 0.4 per cent, with Commonwealth Bank of Australia, and Australia and New Zealand Banking Group falling 0.1 per cent and 0.8 per cent, respectively.
Among the top movers up were Codan (+14.5 per cent), Imugene (+12.5pc), Elders (+9.6 per cent) and A2 Milk (+3.5 per cent).
The Australian dollar was also up, at 71.05 US cents at 04:27pm AEST.
Wall Street mixed
Global equity markets rebounded on Friday after the S&P 500 pared losses that briefly took it into bear market territory.
China cut its prime rate for five-year loans, which influences mortgage prices, by 15 basis points in a reduction that was sharper than expected as authorities seek to cushion the impact of an economic slowdown.
While a late-day rally on Friday stopped the S&P 500 from confirming a bear market, the gloom on Wall Street led the benchmark to fall for the seventh consecutive week, an event that has occurred only five times since 1928, according to S&P Dow Jones Indices.
How long the downdraft in equities lasts will depend on when inflation breaks, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
The S&P 500 closed up 0.01 per cent after being down 2.27 per cent at one point or below the level would confirm a bear market — a 20 per cent decline from its January 3 record closing high.
The Dow Jones Industrial Average rose 0.03 per cent and the Nasdaq Composite already in bear territory, fell 0.3 per cent.
Equity valuations need to come down and the expected return on investments, the discount rate, needs to go up, said Stephen Auth, chief investment officer of equities at Federated Hermes.
"The market is starting to digest the idea that this might be a new world where the discount rate on risk assets is not zero anymore," Mr Auth said.
"You're seeing all these different areas of the market get pounded at the same time and it's just been very unsettling for investors," he added.
MSCI's gauge of stocks in 47 countries closed up 0.37 per cent, but still fell for the seventh consecutive week, its longest losing streak since the index was launched in 1990.
Earlier in Europe, the pan-regional STOXX 600 index rose 0.73 per cent.
US Treasury yields fell for a third straight session on concerns about growth prospects. The yield on benchmark 10-year notes fell 6.5 basis points, to 2.79 per cent.
Gold edged up, heading for its first week of gains in five weeks on persistent worries over economic growth and the dollar's decline over the week.
Oil prices steadied, on course for little change for the week as a planned European Union ban on Russian oil balanced concerns that slowing economic growth would hurt demand.
Brent crude oil was up, trading at $US112.91 a barrel, by 10:36am AEST.
ABC/Reuters
