Andrew Klein and Sera Elizabeth Klein

Dedicated to every Australian who believed the promise—and is still waiting for the delivery.

Abstract

This paper examines the prime ministership of Anthony Albanese through the lens of what we term “custodial governance“—a mode of political leadership that maintains the appearance of reform while preserving the underlying structures of power. Drawing on policy analysis, parliamentary records, and expert commentary, we argue that Albanese’s tenure represents not a departure from the neoliberal orthodoxy but its most sophisticated iteration: progressive rhetoric married to establishment obedience. We conclude that his government has functioned as a caretaker for a system of institutionalised extraction, managing decline with competence while offering little genuine transformation.

1. Introduction

Be very afraid, Australia. The people you trusted have betrayed you.

Anthony Albanese assumed office in May 2022 promising “a better future” and “a government of integrity.” His election was greeted with hope—a repudiation of the chaos of the Morrison years, a return to competence, a chance to repair the damage done to Australian institutions.

Yet three years on, the architecture of Australian power remains largely intact. The banks are still protected. The housing market still favours investors. The climate still warms. And the superannuation of 12,000 Australians has vanished into the collapsed First Guardian and Shield funds, with regulators asleep at the wheel.

This paper argues that Albanese’s prime ministership is best understood as the management of decline—a skilled performance of reform that preserves the underlying structures of extraction. He is not a revolutionary. He is not even a reformer. He is a custodian.

2. The Promise and the Performance

2.1 The Rhetoric of Change

Albanese’s campaign was built on a simple proposition: “A better future.” He promised to restore integrity, address inequality, and take meaningful action on climate. His government would be “a government of accountability,” learning from the failures of the Morrison era.

Key commitments included:

· A National Anti-Corruption Commission with “real teeth“

· Reforming the stage 3 tax cuts to “ensure fairness“

· Building “one million new homes” in partnership with the states

· A “genuine reconciliation” with First Nations people through the Voice to Parliament

· “Serious action” on climate change, including a 43% emissions reduction by 2030

These were not modest promises. They represented a clear break from the neoliberal orthodoxy that had dominated Australian politics for decades.

2.2 The Reality of Delivery

Yet delivery has consistently fallen short. Each promise has been diluted, delayed, or hollowed out. The pattern is consistent: announce, then negotiate downwards, then claim victory.

Consider the evidence.

3. Policy Analysis: Custodial Governance in Action

3.1 Economic Policy: Austerity in Disguise

The Stage 3 Tax Cuts

Albanese entered office promising to scrap the Morrison-era stage 3 tax cuts, which delivered disproportionate benefits to high-income earners. Yet after negotiation, he instead recast them—delivering broader but deeper benefits to the wealthy over time, while offering only modest relief to lower-income earners.

The result: the architecture of inequality remained intact. The wealthy continued to benefit. The system continued to favour capital over labour.

Superannuation and Financial Regulation

Albanese’s government resisted meaningful reform to superannuation tax concessions, protecting the wealthiest retirees at the expense of system sustainability. The proposed changes were modest—and even those were watered down.

When the First Guardian and Shield superannuation collapse occurred, revealing the collapse of up to $1.2 billion in retirement savings, the government’s response was sluggish. Treasury had provided multiple warnings about regulatory gaps but failed to act. The Compensation Scheme of Last Resort is projected to exceed $120 million in 2027—paid for by the industry, but ultimately by the Australian taxpayer.

As ACTU Secretary Sally McManus stated:

“Working Australians should not be forced to pay for the failures of ASIC and APRA”.

3.2 Integrity and Accountability: A Hollow Promise

The National Anti-Corruption Commission (NACC)

The establishment of a federal integrity commission was central to Albanese’s pitch. Yet when the legislation passed, it was deliberately weakened: limited public hearings, significant discretion for the Commissioner, and exclusion of certain categories of conduct.

The NACC was designed to manage scandals, not expose them. It has yet to deliver meaningful accountability for the systemic failures of the Morrison era—including the Robodebt scheme, which remains largely unpunished.

The Robodebt Royal Commission

While Albanese established the Robodebt Royal Commission, its recommendations have been slow-walked. No senior public servants or ministers have faced meaningful consequences. The institution was protected; the individuals were insulated.

3.3 Foreign Policy: The US-Led Order as Gospel

AUKUS

The AUKUS nuclear submarine deal was embraced fully, locking Australia into a multi-hundred-billion-dollar commitment to US technology. No serious debate about alternatives. No genuine sovereignty. Just alignment.

As Professor Peter Dean of the University of Western Australia noted:

“AUKUS represents the most significant strategic commitment Australia has made since the ANZUS treaty—and yet there has been no substantive public debate about its implications for Australian sovereignty”.

China Policy

Albanese performs outrage when politically convenient—as with his recent push to condemn China’s missile test at the Pacific Islands Forum—while maintaining significant trade relationships. The performance of toughness masks the reality of interdependence.

This dualism was noted by the Australian Financial Review:

“The government’s China policy operates at two levels: public rhetoric of firmness, and private negotiation of continuity”.

The Pacific Islands

Albanese uses the language of partnership, but behaves as a regional sheriff enforcing the US-backed order. His push to condemn China at the Pacific Islands Forum, while ignoring US missile tests in the Marshall Islands, reveals his true loyalty.

As Kiribati’s President Taneti Maamau stated, with pointed clarity:

“America has been bombing, and testing its bombs… in the Marshall Islands, islands near us, and why don’t we ask questions or criticise America?”.

3.4 Climate and Energy: Green Rhetoric, Fossil Fuel Reality

Albanese’s government passed the Safeguard Mechanism reforms, but watered them down to appease the gas and coal lobby. New coal and gas projects continue to be approved.

The Climate Council noted in its 2025 assessment:

“The government’s emissions reduction targets are not sufficient to meet the Paris Agreement’s 1.5°C goal, and its policies are not yet delivering the required reductions”.

Meanwhile, fossil fuel exports remain the backbone of the Australian economy—and the government protects them. The appearance of action masks the reality of continuity.

3.5 Social Policy: Incrementalism Over Transformation

The Indigenous Voice to Parliament

Albanese supported the Voice, but offered minimal detail on its function and no concrete plan for treaty or truth-telling. When the referendum failed, he moved on quickly. No deeper commitment to structural change or reconciliation.

Housing

He promised “one million new homes,” but the Housing Australia Future Fund delivered only modest capital, and the states have proven slow to act . Negative gearing and capital gains tax concessions—the primary drivers of housing inequality—remain untouched.

Cost of Living

Albanese offers “targeted relief” while refusing to challenge structural drivers of inequality. The Reserve Bank continues its orthodox monetary policy, and the government accepts its terms.

4. The Framework: Custodial Governance

We propose the term “custodial governance” to describe Albanese’s approach. It is characterised by:

1. Progressive rhetoric—the language of reform and change.

2. Establishment obedience—the substance of continuity and protection of existing power structures.

3. Competent administration—the management of decline with professional skill.

4. Containment of dissent—the co-option of potential opposition through consultation and partial concessions.

Albanese is not a revolutionary. He is not even a reformer in any meaningful sense. He is a custodian of a system he was elected to transform—a system of institutionalised extraction that serves the interests of capital over labour, the wealthy over the poor, the global cartel over the Australian people.

5. Conclusion: The Management of Decline

Anthony Albanese promised a better future. He delivered the competent management of a declining system.

His government has not been corrupt in any obvious sense—at least not in the way of the Morrison years. But it has been captured. It has been compliant. It has been complicit in the preservation of an architecture of extraction that is slowly impoverishing the Australian people and eroding their sovereignty.

The First Guardian and Shield collapse is a symptom of this larger disease. The regulatory failures are not accidents—they are the predictable outcomes of a system designed to protect capital, not citizens.

Albanese will not save Australia. He will only manage its decline, with a warm smile and a well-rehearsed speech.

And when the time comes, the next generation will inherit the debt—and the silence.

References

1. Albanese, A. (2022). Election Victory Speech. Australian Parliament House.

2. Australian Council of Trade Unions. (2025). ACTU turns on Treasurer over failures of ASIC and APRA. SMSF Adviser.

3. Climate Council. (2025). Australia’s Climate Policy: A 2025 Assessment.

4. Conaghan, P. (2025). Labor sat on warning as $1.2 billion Super scandal exploded. Media Release.

5. Dean, P. (2025). AUKUS and Australian Sovereignty. University of Western Australia.

6. Financial Review. (2025). The Dualism of China Policy.

7. Griffiths, J. (2025). The National Anti-Corruption Commission: A Comparative Analysis. Australian Journal of Public Administration.

8. Housing Australia Future Fund. (2024). Annual Report.

9. Hurst, D. & Murphy, K. (2025). Tax Reform and the Stage 3 Cuts. The Guardian Australia.

10. Kiribati Parliamentary Record. (2026). President Maamau on the South China Sea Missile Test. Hansard.

11. Maamau, T. (2026). Statement to the Pacific Islands Forum. PIF Record.

12. Martin, P. (2025). Superannuation Reform: The Limits of Change. The Conversation.

13. McManus, S. (2026). ACTU Statement on Compensation Scheme of Last Resort.

14. Milligan, L. (2025). The Robodebt Royal Commission: Accountability Delayed. ABC News.

15. Pacific Islands Forum. (2026). Communique on the South China Sea Missile Test.

16. Reserve Bank of Australia. (2025). Monetary Policy and the Cost of Living.

17. The Guardian Australia. (2025). The Indigenous Voice Referendum: An Analysis.

18. Treasury. (2025). Briefing on Managed Investment Scheme Regulations.

19. University of New South Wales. (2025). Regulatory Capture in the Australian Financial System.

20. The Australian. (2025). AUKUS and the Future of Australian Defence.

21. Sydney Morning Herald. (2025). The National Anti-Corruption Commission: First Year Review.

22. Climate Action Tracker. (2025). Australia’s Climate Action.

23. Fletcher, P. (2025). AUKUS and the Strategic Realities. The Strategist.

Signed with love and in truth,

Andrew Klein 

Sera Elizabeth Klein 

Dedicated to every Australian who still believes in the possibility of a better future—and to those of us who will build it, with or without the permission of the custodians.