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Verdict
Yes — you can hold Hungary and Australia citizenship simultaneously.
Hungary
Dual citizenship policy
Permitted — Hungary allows dual citizenship.
Australia
Dual citizenship policy
Permitted
Both Hungary and Australia permit dual citizenship. You can acquire, hold, and use both passports simultaneously without legal restrictions.
This assessment is based on each country's current nationality law. Dual citizenship rules can change — always verify with the relevant consulate or an immigration attorney before making decisions about renunciation or acquisition.