Melbourne: Anthony Albanese declared victory on Saturday in Australia’s national election, becoming the first prime minister in 21 years to secure a second consecutive three-year term, AFP reported.

The Labor Party is expected to increase its parliamentary majority, defying the usual trend of incumbents losing seats in their second term.

‘Australian way’ over Trump-style politics

In his victory speech in Sydney, Albanese emphasised a homegrown approach: “Australians have chosen to face global challenges the Australian way, looking after each other while building for the future,” he said, AFP reported.

“We do not need to beg or borrow or copy from anywhere else. We do not seek our inspiration overseas. We find it right here in our values and in our people,” he added.

Labor had targeted Peter Dutton’s Liberal Party throughout the campaign, accusing it of emulating Trump-era politics and branding the opposition leader “DOGE-y Dutton,” referencing Trump’s now-defunct Department of Government Efficiency.

Dutton concedes defeat and loses his seat

Peter Dutton conceded that the conservative alliance had lost the election and confirmed he had also lost the parliamentary seat he held for 24 years.

Labor, which previously held 78 out of 151 seats in the House of Representatives, is on track to strengthen its majority.

Cost of living crisis takes centre stage

Both campaigns acknowledged the country’s worsening cost of living crisis. The Liberal Party blamed Labor’s spending for fuelling inflation and rising interest rates.

It proposed cutting over 20% of public service jobs to reduce government expenditure.

Foodbank Australia reported that 3.4 million households experienced food insecurity last year—skipping meals, reducing portions, or fearing food shortages due to affordability.

The Reserve Bank cut its benchmark interest rate in February to 4.1%, and another reduction is anticipated at its May 20 meeting to encourage investment amid global economic concerns, particularly following the economic uncertainty created by Trump’s revived tariff policies.

Sharp divide over energy policy

While both major parties support a 2050 net-zero emissions target, they differ sharply on how to achieve it.

Dutton’s coalition proposed building seven government-funded nuclear power plants to reduce electricity costs, even though Australia currently has no nuclear power infrastructure.

Labor criticised the proposal, saying it would require slashing public services to fund the nuclear program and reaffirmed its commitment to renewables like wind and solar energy.

Generational shift shapes campaign promises

This election marked the first time in Australia that younger voters outnumbered Baby Boomers.

Recognising the shift, both parties pledged support for first-time homebuyers struggling to enter the country’s expensive property market.