On 3 May 2025, Prime Minister Anthony Albanese expressed his commitment to promptly tackle the pressing issues facing his government as it embarks on its second term. Among the most significant challenges is the state of the Australian economy. Businesses across the nation continue to grapple with the repercussions of high interest rates and inflation.
Innes Willox, the chief executive of the Australian Industry Group, highlighted the tough economic landscape during an interview on Weekend Today. He revealed that many sectors, including manufacturing, construction, retail, hospitality, and accommodation, are either in recession or on the brink of one. These industries are vital components of the Australian job market, indicating a broad and serious economic struggle.
Willox emphasised that the country has not yet emerged from its economic difficulties and faces uncertain times ahead. As Albanese moves forward, addressing these economic hurdles will be crucial for restoring stability and fostering growth in Australia.