Austria starts with a fleet in Triest. In most games the fleet goes
to Albania. Together with the move Bud - Ser, it is called the
Balkan Gambit because to some extend it risks losing Tri for gains
(Gre/Ser) elsewhere. If Russia is friendly and Italy is not to be
trusted the move Vienna - Triest saves the dot in spring, or if
Italy does not want to enter Piedmont or Apulia with his army in
Venice, a bounce could be arranged in Triest as well.
As Triest is the only coast-province of Austria, it is the only
place for Austria to build fleets. So if you have the chance, build
one.
Trieste:
Don't do F Tri-Ven. Please. We've seen it before.
You and Italy will tie each other up long enough for Turkey to get you
and for France to get Italy.
I agree with Jim. Moving Trieste to Venice in the Spring 1901 gets Austria
in a trench warfare battle with Italy, with no gains for either side, and
makes them both easy prey for their neighbors.
The best way to play Austria is anti-Italy, and Trieste is the key. If you get Romania and Serbia, and ally with Turkey for a few rounds, it is very easy to take out Italy. First, you NEED a fleet in the Adriatic. It's also a big help to have one in the Ionian. If you can't get one into the Ionian play with Turkey and ask them. The way to win with Austria is to get large quick, because Turkey and Italy are easy to take with large numbers. Then comes France and Russia. I've seen it, and I've done it.
I would take Albania from Triest and Serbia from Budapest. Next move Serbia support Alb to Greece.
Vienna can go to either Galicia or Rumania, depending on what agreements were made with Russia.
Here is what is best for Austria: Long term alliance with Germany. Medium Term alliance with Italy. Short Term Alliance with Russia.
I disagree with the alliance with Turkey against Italy. You need a corner position, and crushing Italy instead of Turkey simply does not provide you with that. On the contrary: it leaves you wide open for Turkish expansion plans...