Australia's election was all about climate change. Here's what it means for businesses

Australian Prime Minister Anthony Albanese speaks during a press conference at Parliament House on May 23, 2022 in Australia.

Australian businesses and their investors globally will be keeping a close watch on the newly elected government's climate change policies.

Analysts say the Labor government under Prime Minister Anthony Albanese may come under pressure to strike a new deal to stretch its emissions reduction targets.

Even though the Labor party won the federal election on the weekend, it has yet to claim 76 seats to form a majority government and counting continues. On Tuesday afternoon, Labor was still two seats short.

If Labor cannot form a majority government, it may have to negotiate with a rush of climate change....