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Good morning from the Financial Times. Today is Wednesday, May 25th.

And this is your FT News Briefing.

Hungary's Prime Minister has declared a state of emergency.

Australia's new Prime Minister is facing big challenges like China and climate change

and the tight U.S. labor market is making hiring a number one headache.

I'm Mark Filipino and here's the news you need to start your day.

Viktor Orban has declared a state of emergency in Hungary that gives his government rights to

rule by decree. Orban said the emergency decree is a response to what he calls the economic crisis

caused by the war in Ukraine and Western sanctions. Yesterday, Parliament approved an amendment

to the Constitution and Orban will announce specific measures today. Hungary has so far

opposed Western sanctions on Moscow and Orban has refused to sign off on EU plans to ban

Russian oil imports.

Australians this weekend elected their first labor Prime Minister in nearly a decade.

Voters were frustrated with the previous government. They were also drawn to Anthony Albanese

campaign promise to do more to address climate change. Here's the FT's Nick Files.

So part of Albanese election campaign was to go further on climate but not too far.

So he didn't want to propose anything too radical that would scare people and possibly lose him

the election. Labor is going to be really under pressure to deliver on the economic management

side of things in a tougher environment that has been for the Australian consumer.

Now the energy transition is another layer on top of that. It's a case that there's a huge

...