As the name indicates the country was an union made by Austria and Hungaria. There were many different nationalities and languages in each country. This made the union very tough to rule as many wanted to become independent from Austria-Hungaria.
<l:ep_franz_joseph> was the emperor of the Austria-Hungarian empire. Like Russia Austria-Hungaria had no oversea colonies. But opposite <l:ep_wilhelm> the Austria-Hungarian emperor had no plans to get any. His empire already consisted of no less than eleven different nationalities of which many wanted to become independent. To have oversea colonies would only enlarge the problem.