Australia: Labor Wins as Voters Back Policy Continuity

Australia's May 3 elections resulted in a victory for the incumbent centre-left Australian Labor Party (ALP), led by Prime Minister Anthony Albanese. As of Monday night, the Labor Party is projected to widen its majority in the House of Representatives, winning at least 86 seats out of 150. In the Senate, 40 of 76 seats were contested. Based on preliminary counts, the Labor Party appears to have gained at least 3 seats, increasing their total to 28 seats but still well short of an outright majority. Key highlights include:

-- The Labor Party delivered a victory on May 3, securing a significant majority in the House of Representatives.

-- Given that the Senate remains without a clear majority, the Labor government will need to negotiate with the crossbench to advance its legislative agenda.

-- The Labor Party's victory is likely to provide fiscal, housing, and security policy continuity.

"The Labor Party's strong performance reflects the electorate's preference for stability during a period of global uncertainty. We expect the Albanese government to pursue continuity in the areas of fiscal, housing, and security policy," says Julia Specht, Assistant Vice President, Global Sovereign Ratings.