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Budget 2024

This is a Budget for every Australian, from a government working for Australia. With cost of living relief for every household and a tax cut for every taxpayer, find out how Budget 2024 will benefit you.

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This Budget is designed to deliver for every Australian, in every part of our economy, and every part of our country.

It starts by giving every household $300 off their energy bills, and a tax cut for every Australian taxpayer. 

We’re building more homes in every part of the country and we’re strengthening Medicare in every community.

We’re securing a better deal for working parents and reducing the barriers to education and increasing opportunity for students.

And when it comes to tomorrow, we’re a step ahead.

Our energy and industry policies invest in the jobs of the future, growing our economy and boosting work opportunities for Australians. 

Tackling the challenges of today while setting the country up for success in the long term has always been our focus.

Read more about how we’re doing that below.

Easing Cost of Living Pressures.

Cost of living relief is our number one priority as a government, and it’s the first priority of this budget. 

This historic cost of living relief package provides responsible relief while putting downward pressure on inflation.

A tax cut for every taxpayer.

From July 1, every Australian taxpayer will get a tax cut. 

The Morrison Government's tax cuts left out people earning $45,000 or less. Under our government, everyone who pays tax gets a tax cut.

We’re giving 84% of all taxpayers and 90% of women a bigger tax cut.

Labor’s cost of living tax cuts are about rewarding hard working Australians. 

They help families, communities, women, young people, businesses, and they help our economy.

New Power Bill Relief.

From July 1, every Australian household will receive an energy rebate of $300, and 1 million small businesses will receive a rebate of $325.

We know Australians are feeling the pressure from higher global energy prices.

These rebates will help families pay their bills, while putting downward pressure on inflation.

Cheaper Medicines.

Labor built Medicare and we will always strengthen it.

In this Budget we are providing $3 billion to support pharmacies and to keep the costs of medicines down.

We’re freezing the maximum cost of PBS prescriptions for the next 12 months. That means no one will pay more than $31.60 for a PBS script.

And for Australians with pensioner or concession cards, we’re freezing the price for five years. So those Australians won’t pay more than $7.70 for the medicine they need.

We’re also adding more life changing medicines to the PBS list. 

Relief for Students.

Labor will always invest in education because we know it changes lives.

That’s why we’re wiping $3 billion in student debt and changing the way HELP loans are indexed to make it fairer and cheaper over the life of a loan.

And by backdating this change to mid-2023 we’re able to provide debt relief in the form of HELP loan credits to over 3 million Australians.

We’re also reducing financial barriers for the next generation of nurses, midwives, teachers and social workers.

These students will be eligible for a prac payment to support them while undertaking the compulsory placements that are required to graduate.

A Fair Go for Consumers.

We want to make sure Australians are getting a fair deal at the checkout.  

That’s why we’re holding supermarkets to account with a stronger competition watchdog, and a mandatory Grocery Code of Conduct. By increasing competition and accountability in the sector we will secure fairer prices.

More Help for Renters.

We’re providing the first back-to-back increase to Commonwealth Rent Assistance in more than 30 years.

On top of the 15% increase in our last Budget, this year we’re delivering a further 10%.

This is much needed support for renters across the country who are doing it tough.

Building more Homes for Australians.

We’re delivering billions in funding to build homes across the country.

The best way to make housing more affordable is to build more homes. That’s why we’ve set an ambitious goal of building 1.2 million homes by mid-2029. 

And we’re working with the states and territories to get it done.

Infrastructure to Support More Homes.

We’re delivering funding to the states and territories so they can build the services and community infrastructure that new homes need. 

This will mean more homes built more quickly, and will make sure those homes are connected to the services people need.

Building more homes in every part of our country is the best fix for housing affordability.

More Tradies to Build More Homes.

Building on the incredible success of our fee-free TAFE places, we’re funding a further 20,000 places in courses like construction and carpentry. 

This will get more Australians the skills they need to get ahead, and help fill skill shortages on worksites. So we can build more homes faster.

More Housing for Students.

People come from all over the world to learn at Australian universities. Our international education sector is a national asset.

To make sure students have a place to stay, and to take pressure off the rental market, universities need to build more student accommodation.

That’s why the Government will work with the higher education sector on new rules to require universities to build more student housing for domestic and international students.

More Social and Affordable Housing.

We’re making the biggest investment in social and affordable housing in over a decade and we’re doubling homelessness funding.

Our $9.3 billion National Agreement on Social Housing and Homelessness will help states and territories build and repair social housing, provide crisis support, and combat homelessness.

And we’re building 40,000 social and affordable homes, as well as more homes in remote Northern Territory.

Better Transport for Cities, Regions and Suburbs.

We’re investing in the roads, rail and infrastructure that will better connect our cities, regions and suburbs.

Projects like a new rail link connecting the Sunshine Coast to Brisbane, the new Western Sydney Airport, and funding to upgrade regional and remote airstrips across the country.

Reliable transport means access to good jobs and essential services, and makes our suburbs more liveable.

Strengthening Medicare and the Care Economy.

Labor built Medicare, and we will always protect it. It’s based upon a core Australian value – that we look after one another.

Our Budget this year strengthens Medicare and makes our healthcare system more sustainable. It also makes our health services more desirable places to work.

More Urgent Care Clinics.

We’ve already delivered 58 Urgent Care Clinics across the country, and this Budget will deliver a further 29 clinics. 

They take pressure off our hospital system, reduce wait times for patients, and provide the expert care people need when they need it. 

And they’re completely bulk-billed, so all you need is your Medicare card.

Better, More Sustainable Aged Care.

Australians deserve an aged care system that provides dignity, safety, and comfort.

That’s why we’re providing funding to improve systems to keep aged care centres up to date, reliable and accessible.

And we’re funding 24,000 more home care packages to give older Australians more choice when it comes to the care they receive.

Boosting Care Economy Wages.

We’re backing the Australians who do the critical work of looking after our children and older Australians.

We’ve committed to provide funding towards wage increases for aged care workers and early childhood educators, with details to be finalised following Fair Work Commission processes. 

These changes will support our hard working early childhood educators and aged care workers while encouraging more people to enter the sector.

Broadening Opportunity and Advancing Equality.

Financial Assistance for Victim-Survivors Leaving a Violent Relationship.

If you’re leaving a violent relationship, you should know that you can afford to go.

Under our new Leaving Violence Program, victim-survivors will be able to access $5000 in financial support. They will also be able to access safety planning, risk assessments, and referrals.

Taking Pressure Off Parents.

We want parents to have more choice when it comes to balancing work and raising a family. Right now when women retire they have on average 25% less superannuation than men. 

That’s why, along with extending Paid Parental Leave to six months, we’re adding superannuation to Government-funded Paid Parental Leave.

When you’re taking time off to raise your family you shouldn't have to sacrifice your financial future.

Investing in Women's Health.

We’re investing in more health care support for women. 

That includes training for GPs so they can provide best practice menopause care, increased access to long-acting reversible contraceptives, and free period products in rural and remote communities.

Partnering with First Nations Communities.

Our government is committed to closing the gap, and we’re investing in ways to get better outcomes in areas like jobs, education, justice, and housing.

To do this we’re working with the Northern Territory Government to tackle issues in remote housing. We’re partnering with organisations on projects that will create jobs and boost local economies. 

And we’ll work with Aboriginal and Torres Strait islander education organisations to make sure teachers and students thrive.

Investing in a Future Made in Australia.

This Budget is also about securing a future made here in Australia. Here’s how. 

Attracting Investment in Key Industries.

Australia is a great place to invest. And we’re making Australians the beneficiaries of that investment. 

A Future Made in Australia is about creating new jobs and opportunities in every part of the country. 

We’re streamlining approvals across environmental, planning, cultural heritage and foreign investment to build a more diversified and resilient economy. 

Making Australia a Renewable Energy Superpower.

Australia has what the world needs as we move towards Net Zero by 2050. 

We have the energy, resources, research and the workers to participate in the biggest transformation in the global economy since the Industrial Revolution.

That’s why we’re lifting our investment in resources like green hydrogen and critical minerals, as well as funding the mapping of our geological potential.

We’re also backing Australian innovators and manufacturers to build the next generation of solar cells, lithium batteries and quantum computers.

Expanding Tertiary Education.

Access to university or TAFE should not be defined by your circumstances. 

Our investment will open the doors of opportunity of higher education to more Australians, with $350 million for fee-free uni-ready courses.

And if you’re studying in critical sectors like nursing, midwifery, teaching or social work, you’ll receive a prac payment to support you while undertaking your compulsory placement.

We’re also changing the HELP loan system so it’s fairer and cheaper, wiping $3 billion in student debt. 

This will make a massive difference to Australians studying these courses, and to our country as a whole. 

Support for Small Business.

Small businesses are key to the health of our economy. They make up 90% of Australian businesses, and we want them to share in the opportunities that lie ahead. 

By extending the $20,000 instant asset write-off until 30 June 2025, we’re supporting cash flow for up to 4 million small businesses. 

And we’re investing in millions to help farmers and rural communities prepare for changing climates and more severe weather.

Strengthening our Defence Industry Capability.

Our growing Australian defence industry will provide jobs for Australians and security for Australia. 

We’re investing an additional $50.3 billion over ten years to implement the 2024 National Defence Strategy to meet Australia’s strategic needs. 

Our highly skilled and trained workforce, both in and out of uniform, are the best in the world. We’re backing them to keep Australia secure.


Read the Budget 2024 papers.

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334a Marrickville Rd
Marrickville NSW 2204

Phone: 02 9564 3588

Parliament House Office

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Phone: 02 6277 7700


Electorate Office

334a Marrickville Rd
Marrickville NSW 2204

Phone: 02 9564 3588

Parliament House Office

Parliament House
Canberra ACT 2600

Phone: 02 6277 7700

Phone: (02) 9564 3588
Fax: (02) 9564 1734

We acknowledge the traditional custodians of the land on which our offices stand and we pay our respects to Elders past, present and emerging. We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples. We also recognise the resilience, strength and pride of the Aboriginal and Torres Strait Islander communities.

Authorised by Anthony Albanese. 334a Marrickville Rd, Marrickville NSW 2204.