Australia Election: Inside Scott Morrison, Anthony Albanese’s Campaign Trails

Bloomberg Quicktake: Now published this video item, entitled “Australia Election: Inside Scott Morrison, Anthony Albanese’s Campaign Trails” – below is their description.

The future of Australia’s trillion-dollar economy is on the line as it heads to a national election on May 21.

“Prime Minister Scott Morrison and Opposition Leader Anthony Albanese have been crisscrossing the country looking for voters to win over,” said Bloomberg’s Ben Westcott, as he reports from the campaign trail.

The next leader has to navigate rising prices fueled by Russia’s war in Ukraine, a spate of climate disasters and a rapidly deteriorating relationship with largest trading partner China.

Buoyed for years by high commodity prices, Australia has made it through the pandemic with strong economic growth and low unemployment. Yet stimulus has left the country saddled with hundreds of billions of dollars of new debt, even as it remains among the least-indebted major developed economies.

Neither the ruling Liberal National coalition nor the opposition Labor Party has a detailed plan to address the nation’s spending bill. Whoever wins will have to balance fiscal policy with cushioning the blow of inflation, with cost of living the number one issue flagged by voters in opinion polls.

Australia’s next government must also figure out how to avoid climate disasters like wildfires and flooding. It will also have to address sexism and misconduct inside the country’s parliament after more than a year of damning allegations.

With Prime Minister Scott Morrison and his opponent running in a close race, there is a possibility that neither will achieve a majority and deals will have to be made with smaller parties and independents to form a government.

A party needs to win 76 seats in the 151-member lower house to form a majority.

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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