A ‘new economic model’ in Australia? The political economy of the Australian Labor Party

The election of the Labor government in Australia in 2022, under the leadershipof Anthony Albanese, marked a change in the political and economic directionof the country. Post-pandemic, the Labor government claims that it is seekingto develop a ‘new economic model’ in Australia. Drawing upon comparativepolitical economy (CPE) literature, we use the case of Australia to understandhow political parties can develop and shape new ‘policy paradigms’, orgoverning narratives as they recalibrate their political economy. First, weoutline the discourse, policy developments and key institutional changes thatare taking place under the Labour government. We then apply four policyparadigms (neo-corporatism, market design, neoliberalism, and labourism) tosystematically analyse what the Albanese government is seeking to achieve.The Australian case is a striking example of how centre-left parties, areseeking to create new ‘political imaginaries’ in a post-third- way era.