New prime minister Anthony Albanese said on Thursday Australia faces significant economic headwinds, turning his attention to domestic affairs after a first few days in office dominated by international security, APA reports citing Reuters.
"I want an economy that works for people, not the other way around," Albanese told ABC television.
Treasurer Jim Chalmers on Wednesday described the fiscal situation he inherited as "dire", warning that family budgets would be under pressure as interest rates rise to deal with a spike in inflation.
Albanese was sworn in as the prime minister on Monday so he could attend a meeting of the Quad security grouping in Japan. China sees the Quad, which includes the United States, India and Japan, as an attempt to push back against its growing influence in the Indo-Pacific.
Albanese blamed the previous government led by Scott Morrison, for "dropping the ball" on the Pacific, where as China is seeking pacts on security and trade with several Pacific states.