Supporters at Labor’s election party in Sydney cheered and hugged each other as Albanese claimed victory and said his party would form a majority government.

Polls have closed in Australia in a national election dominated by cost-of-living concerns that’s being closely watched abroad for signs of a Donald Trump-inspired swing against conservative candidates.

SYDNEY—Australian Prime Minister Anthony Albanese was returned to power in an election Saturday, the latest left-leaning leader to achieve a comeback victory as President Trump roils global markets and upends international affairs.