In a statement, Morrison announced that he had spoken to the leader of the opposition, Anthony Albanese, to congratulate him on his election victory and stated that he would be stepping down as the leader of his party. Albanese, who is a pragmatic leader with a working-class background, emphasized the importance of unity in the nation. Treasurer Josh Frydenberg acknowledged the challenging possibility of winning in Kooyong, while also facing the prospect of being voted out of parliament as one of the highest-ranking cabinet ministers ever. The Parliament consists of the House of Representatives, which has 151 seats. A majority of 76 seats is needed to form the government. With 55% of the vote counted, Labor had 72 seats, the coalition had 52, and independents and the Greens held 11, according to the Australian Broadcasting Corp. Another 16 seats were still undecided. The Senate has 76 seats, with 12 allocated to each of the six states and two each for two territories. In total, there are 40 Senate seats up for election: six from each state and the four territory seats. ECONOMY * The winner will face challenges ahead with escalating inflation, rising interest rates after 11 years, and projected budget deficits due to pandemic spending. However, unemployment is currently at its lowest in nearly 50 years and global prices for Australian commodities are soaring. CLIMATE * The main political parties face a difficult road ahead as voters demand action on climate change but are hesitant to bear the costs. In an election where cost of living is a key concern, retail power prices also play a role. Foreign policy unexpectedly became a prominent topic during the election as Morrison emphasized his national security expertise and criticized Labor's abilities, only to have his stance undermined by the Solomon Islands forming a security agreement with China. Morrison acknowledged his need to change his governing approach, admitting he had been too forceful, while Albanese has presented a different option rooted in his working-class background and practical approach.