SYDNEY — Prime Minister Scott Morrison has put economic stewardship at the center of his bid for a come-from-behind win in Australia’s May 21 ballot.
On paper, he has a good story to tell: The $1.6 trillion economy is larger than before the pandemic and set to expand 4.25% this fiscal year; unemployment is expected to hit 3.75% in the third quarter, a level unseen since the early 1970s; and soaring property prices mean households are wealthier than ever.
But the economy is also his Achilles' heel, with rising rents underscoring the gap between accelerating inflation and still-slow wage growth. There have also been stumbles ranging from a delayed vaccination rollout to a bungled, politicized response to recent floods that have eroded public support.
