An analyst from the TD Securities said miners were optimistic today, while trading and a new prime minister would mean that there will be changes and revisions in policy with regards to the proposed mining tax.

"There has certainly been a surge of optimism that the resource super profit tax is now at least negotiable. But it's yet to be seen what that actually means in terms of any change in policy," TD Securities Roland Randall said.

Mr. Randall added that there will be possibilities that negotiations with the mining leaders on the tax would start from scratch.

"I don't think it's clear from a sort of ideological standpoint that it'll move the party towards or away from the mining industry," he said.

"What it does do, is it removes the stubbornness if you like of Kevin Rudd being inflexible, particularly on the 40 per cent headline rate on the mining tax."

Mr. Randall predicts that the new Prime Minister will be facing criticisms by traders once she decides on new policies.

"Gillard will have to make some policy announcements pretty quickly for markets to be confident that this actually makes some sea change in policy direction," Mr Randall quips.

Ms. Gillard and the new Deputy Prime Minister Wayne Swan will address the press later in the morning and may address issues into their policies.

Mining stocks peaked on Thursday as the Australian share market commenced after Julia Gilliard was confirmed to replace Kevin Rudd as the new prime minister.

The Australian Securities Exchanged opened with BHP Billiton shares increasing at 2 per cent to $39.90 and Fortescue Metals following suit at 4 per cent.

An hour later after the opening of ASX, BHP remained at 1.8 per cent while Fortescue went up to 2.3 per cent. Rio Tinto traded at 2 per cent.

The Australian dollar traded steadily at 87.57 US cents.