Australian people re-elected Mr. Anthony Albanese from the Labor Party once again as Prime Minister.
Albanese has
been the 31st prime minister of Australia since 1st June 2022. At the
start of his tenure, the inflation (cost of living is high in Australia. The
housing Price was too high, which makes the people spend more money on it and
makes it unaffordable. In August, an agreement was made with the National Cabinet to
construct 1.2 million houses over five years. The Albanese government also created
an investment fund of $10 billion to design and build 30,000 new Social and
affordable homes over the next 5 years. The “Help-to-buy” shared equity scheme was introduced
by the Albanese government in November 2024. The scheme allows 40,000 first-time
home buyers to purchase a home with the shared contribution from the government.
In February 2025, the Albanese government also placed a 2-year ban on non-citizens
living in Australia from buying existing houses.
In 2023, the Australian
federal budget was presented in Surplus. It was the first budget in 15 years
and the largest surplus budget ever by value, with a surplus value of $22.1 billion. In 2024, the second surplus budget of $ 9.3 billion was presented.
In April 2024, the “Future
Made in Australia” industrial policy is introduced, the policy focuses on Australian
manufacturing in sustainable energy, $22.7 billion is allocated over 10 years, to support the manufacturing of solar panels, green hydrogen, and
mining of critical minerals.