As elections go, this weekend?s contest between ousted Prime Minister Scott Morrison and newly elected PM and Labor Leader Anthony Albanese has been based on negative campaigns, with voters presented with fewer policies to consider than elections past.
While the coalition lost many of their seats by a large margin it wasn?t Labor that was the main beneficiary. Instead it was the minor parties led by the independents and Greens which took advantage of the swinging vote.
As their televised debates often descended into personal attacks and slanging matches ahead of yesterday?s election, with Mr Albanese pronounced the winner in at least two of the three, many viewers saw that neither candidate offered much substance in terms of vision and forward-looking policies.
In these times where the cost of living is soaring and there is global economic uncertainty, it really has been an election based on fear (on the direction of the country) and loathing (particularly of the two candidates).
The rising cost of living arguably became the defining issue of the 2022 election campaign.
And it was likely on that basis, that Aussies voted for change, voting in Labor to power and Mr Albanese to Prime Minister.
With two thirds of votes counted this morning Labor is well ahead with 72 seats confirmed. It needs 76 to win.
The main focus of the election and for voters has been rising costs and wages. Official figures released last Wednesday showed real wages had fallen 2.7% in the year to March ? the biggest drop since 2000 when the GST was introduced.
While former PM Morrison highlighted that there is ?no magic wand? to boost wages, Aussies did not take too kindly and swiftly voted him out. Oftentimes when there is domestic and global volatility, the incumbent government retains power.
As the saying goes, better the devil you know. However, with this weekend?s election result, it?s clear Aussies wanted change.
Now that we have a clear winner, what can Australians expect based on the commitments, pledges, and promises said during their campaigns as the costs of living soar and the Aussie battler struggle to survive?
Mr Albanese has promised to increase the pay of some 2.7 million workers on the minimum wage, however his power to do so was always limited as the minimum rates in the private sector are set by the independent Fair Work Commission, and individual businesses set rates above that.
Mr Albanese used the aforementioned biggest decline in real wages in more than two decades to underpin his attacks on the former PM?s economic credibility, seizing on runaway inflation and sluggish wages growth data, and voters seemingly believed Mr Morrison did not have the credentials.
Mr Morrison had retorted by saying wages were starting to rise again due to the tightness of the labour market, but ?the challenge is inflation?.
When it came to contrasting policies, the main differences between the parties was climate change, child care, housing reform, and vocational education.
The main standout other than the cost of living, has been climate change action.
The newly victorious independents campaigned heavily on climate change, which seems to be the tipping point in this election.
While the coalition promised net-zero emissions by 2050 and a 26-28% reduction below 2005 levels by 2030, Labor has promised a 43% emissions reduction by 2030 while also backing net-zero emissions by 2050.
Labor says it will also axe two of the Coalition?s grant schemes in a move it claims would save the budget $750 million.
During a speech at the National Press Club last week, Mr Albanese said Labor will also slash uncommitted funding in the Community Development Grants Program by $350 million, and abolish the $400 million Regionalisation Fund.
Just two days prior to Saturday?s election, Labor finally released its costings where it pledged to spend $7.4 billion more on its election commitments over four years than the Coalition.
Labor went to the election with cumulative budget deficits $8.4 billion higher than proposed by the Coalition.
However, it limited a blowout by aiming to raise billions of dollars from a tax avoidance crackdown, business fines and higher fees on foreign investors.
Meanwhile, Labor has also promised to put upwards pressure on wages growth now that it is elected, and matched most of the Coalition?s policy commitments during the election campaign.
Mr Albanese?s main commitments during the election were:
- Investing $20 billion in new electricity infrastructure and lifting renewables to 82% of the grid under its emissions plans.
- Establishing a national housing future fund to invest $10 billion in 30,000 new social and affordable housing projects over five years.
- Planning to subsidise up to 40% of the purchase price of a new home under a shared ownership scheme with the government.
- Committing to an additional $2.5 billion a year for aged-care funding.
- Lifting the maximum child care subsidy rate to 90% for the first child in care.
The Coalition government had promised to deliver a stronger economy if re-elected, however according to analysts many of the key policies announced by the government have already been done while in power.
This has included:
- $400 million investment ?critical minerals accelerator? to support lithium, tantalum, and battery-grade graphite projects.
- $178 million in new funding for a future fuels strategy including investing in electric vehicle charging centres, commercial EV fleets, and hydrogen refuelling infrastructure.
- A plan to allow Aussies to use a portion of their superannuation to buy a first home to a maximum $50,000.
- Billions of dollars of legislated tax relief and a cost-of-living package (outlined in March) to temporarily slash fuel prices and expand income tax offsets.
- The vocational education sector to get 800,000 new training places.
As Labor enters its first term in almost a decade only time will tell if it can deliver on the change that Australians have voted for.
