The Australian Labor Party (ALP) aligns itself with democratic socialist principles, aiming for the socialisation of key industries to mitigate exploitation and promote fairness, a goal enshrined in its constitution since 1921. However, its approach has evolved to accommodate a competitive private sector and the right to private ownership, with notable shifts from nationalisation efforts in the 1940s to privatising industries like aviation and banking in recent years.

The ALP is divided into two main factions, the Labor Left, advocating for democratic socialism, and the Labor Right, supporting social democracy. These factions, further fragmented into state-based groups, reflect the party's broad spectrum of socio-economic ideologies.

Additionally, the ALP maintains strong ties with trade unions, which align with either faction, influencing the party's policies and directions towards championing social justice and equitable economic management.

Climate Change:

The ALP is committed to an emissions reduction target of 43% below 2005 levels by 2030. The party endorses the Paris Agreement to keep global warming well below two degrees Celsius.

They aim to achieve net zero emissions by 2050. The ALP’s approach to climate change is more ambitious and in line with COP26.

Housing:

The ALP has outlined a new housing agenda with the ‘National Housing Accord’, ‘the Housing Australia Future Fund’ (HAFF), and the 'National Housing and Homelessness Plan'. They have pledged a $10 billion housing fund to build 30,000 affordable homes.

The Housing Australia Future Fund will invest the $10 billion and then spend the earnings, up to $500 million a year, on affordable and social housing projects. Over the first five years, the fund aims to build 20,000 social housing properties, with 4,000 of those to be allocated for women and children fleeing domestic violence, and for older women on low incomes at risk of homelessness.

Another 10,000 affordable housing properties would be made available for frontline workers.

Defence:

The Australian Labor Party (ALP) focuses on defence with three core aspects. The US alliance, active UN participation, and regional engagement.

They've pledged to maintain defence spending at 2% of GDP, back the bolstering of Australia's defence industry, though they've critiqued the goal of being a top-10 defence exporter as exaggerated. The ALP also supports the AUKUS agreement, marking a major change by endorsing plans for Australia to obtain nuclear-powered submarines.

Immigration:

The ALP’s immigration policy is designed to respond to falling workplace participation due to an aging population and the demand for higher skill levels and mobility. They plan to use Australia’s skilled migration program to meet these challenges.

The ALP’s immigration planning framework will take into account net overseas migration and its impact on employment and training for Australian residents. In 2022, the ALP government announced an increase in the permanent Migration Program to 195,000 places for 2022–23, up from 160,000 places set in the March 2022–23 Budget.

Inflation:

The ALP’s approach to inflation is to help Australians with the cost of living, without adding pressure to inflation. They are working to support Australians with the cost of living with cheaper childcare, cheaper medicines, extended paid parental leave, energy bill relief, and fee-free TAFE.

They are also investing record amounts into Medicare and bulk billing, building new homes, investing in affordable housing, making renting fairer, tackling climate change by legislating to reduce emissions, and managing the economy and creating jobs in challenging times.