Aussie's markets in for a rocky ride

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The mining tax is all but scrapped, broadband could go ahead and Australian markets are likely to be in for a rocky ride over the next few days, economists say.

CommSec economist Savanth Sebastian says investors are largely sitting on the sidelines, but the mining sector was being "dragged higher" as uncertainty remains about the federal election result.

"There's a lot of speculation on that front that you're not going to see a mining tax, no matter whichever major party gets in."

Sebastian said BHP Billiton and Rio Tinto shares were up more than 1 per cent on the prospect that Labor's proposed tax could go.

"It's definitely an uncertain environment but mining ... seems to be the one sector at the moment [that's] benefiting."

- AAP