Anthony Albanese hopes to become the first Australian prime minister in 21 years to lead a political party to consecutive election victories.

Australia's Prime Minister Anthony Albanese stands on the cusp of winning a second term in office, though hopes of retaining his majority government hang on a knife-edge. Peter Dutton is attempting to overcome what observers describe as a chaotic campaign to win enough seats to force Labor "deep" into minority.

The Australian prime minister's first term was hampered by the headwinds of global inflation, but his fortunes rebounded by offering stability against the backdrop of Trump's volatile diplomacy.