The Labor Government Has Made a Good Start, but the Challenging Part Is Yet to Come

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Since being elected in May 2022, the Labor government has gained support and fulfilled many of its campaign promises. However, more demanding challenges await this year.

Anthony Albanese‘s year reached a successful conclusion as surveys indicated that “support for the Labor government and its leader is rising across the board in all states.”

The first seven months of the new administration were devoted to fulfilling election promises and realigning Australia’s position in the international arena.

However, every honeymoon must end, and as 2023 approaches, the Albanese government will soon face significant domestic political issues.

The success of a referendum that would include First Nations peoples in the constitution and give them a voice in parliament would be one of the biggest challenges for the government.

The referendum is scheduled to occur in the second half of 2023. Still, the pro-referendum side faces a challenging task in educating voters about the proposal and addressing critics who believe there needs more information.

An additional session of parliament was summoned in December to enact the energy relief package due to the growing energy cost.

Recent reports claimed that the energy sector had one of its finest years on record in 2022, with “share prices of major energy prices soaring in 2022, while the broader ASX 200 fell by more than 5%.”

Labor’s climate policy is anticipated to be fully developed in 2023, and some elements will be included in the May budget. As a result of being a part of an agreement with the Greens, the electrification package that Labor was working on now faces additional pressure.

With the national vacancy rate at approximately 1% and rising energy and food expenses, it is becoming increasingly difficult for even full-time employees to find homes. More mortgage holders will switch from fixed to variable interest rates in 2023, making the effects of the rate increases more noticeable.

Overall, it has been a successful first year in office for the Labor government, but much work still needs to be done.

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