Australia's Economy Seeks Support As Federal Budget Looms

LAKE MACQUARIE, AUSTRALIA - MAY 12: People refuel their vehicle at a Costco patrol station at Boolaroo on May 12, 2024 in Lake Macquarie, Australia. Australia's Labor government is grappling with a slowing economy, weaker commodity prices, soaring housing costs and a softening labor market as it prepares to unveil its federal budget on May 14. To counter these headwinds, the budget is expected to feature smaller revenue upgrades compared to recent years, while outlining the government's interventionist policies aimed at boosting domestic manufacturing and the transition to green energy. Critics warn that such industrial policies risk fueling inflation and diverting resources from more productive sectors of the economy. (Photo by Roni Bintang/Getty Images)