"What we can't get over is the short-term cash flow problem and this is leaving us in a critical situation," he added.
Following the result, UK Prime Minister Sir Keir Starmer and US Secretary of State Marco Rubio both said they looked forward to deepening their bilateral relationships with Australia.Cost-of-living concerns - particularly the affordability of healthcare and housing - dominated the five-week campaign, but international relations also reared its head, with the issue of
.Dutton was, despite his attempts to shake off comparisons made between his policies on immigration, public sector cuts and China, and the Trump administration.
Former Prime Minister Malcolm Turnbull told BBC Newshour that Dutton ran a "very Trumpian campaign", and the US president was "the mood music that had a very big influence on how people perceived" the Liberal-National opposition.Labor saw swings towards them right across the country – a rare feat for a second-term government in Australia - and Albanese becomes the first prime minister to win back-to-back elections in over 20 years.
The party's success has also tempered a trend of voters abandoning the two major parties, which was the big story of the last election in 2022.
Labor is on track to finish with 86 seats, the Coalition about 40, and the Greens Party with one or two, according to projections by the Australian Broadcasting Corporation (ABC). Other minor parties and independents are ahead in nine seats.Albanese thanked the emergency services for responding to hundreds of rescue calls, saying "at the worse of times, we see the best of the Australian character".
The NSW State Emergency Service (SES) said it had responded to more than 535 flood rescues in the 24 hours to 05:00 local time (19:00 GMT) - and more than 670 rescues since the flooding began.There are more than 150 flood warnings in place with 40 of those at emergency level and authorities have re-issued earlier advice for people not to drive or enter floodwaters.
More than 100 schools have been closed because of the floods, which have left thousands of homes and businesses without power. Evacuation centres have been opened for those fleeing the flooding.Taree, a city on the Mid North Coast, has been among the worst affected. On Wednesday, flooding at a major river in the area surpassed 6.3m (20.6ft), beating an almost century old record for its highest level.