THE re-election of the Australian Government was greeted as both the best result for Hongkong and a disaster for Australia. The chief economist with the Hongkong Chamber of Commerce, Mr Ian Perkin - a former adviser to the conservative Liberal-National Coalition - said the result was a surprise but a Labor victory was positive for Hongkong. ''They are going to continue a far easier immigration programme than the Liberals would have followed. The Liberals would have cut it further and Hongkong, as the largest single source of migrants to Australia, would have been affected,'' he said. The Australian Consulate-General, Dr Jocelyn Chey, was encouraged by Mr Keating's mention of Asian relations in his victory speech, which showed Australia's integration in the region would continue at a ''rapid and serious pace''. But a tax partner with a Hongkong-based accounting firm and vice-president of the Australian Association of Hongkong, Mr Tom Corkhill, was surprised by Mr Keating's emphasis on Asia when claiming victory but said it was indicative of the importance he placed on Hongkong and the region. The reference to Asia also pleasantly surprised a number of Australians attending an Australian Chamber of Commerce election-night function at the Jockey Club, which featured live coverage of the results. But most of the 200 guests at the function were dismayed by the Labor victory, with many vowing to extend their stay in the far-friendlier economic environment of Hongkong. The chairman of the Australian Chamber of Commerce, Mr Philip Day, said there was a feeling of disappointment among most people at the dinner, ''who were hoping for a change in the belief it would bring about the economic change that our country sorely needs''. A businessman who has been in Hongkong for three years said the result was ''an absolute disaster''.