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Cost of Living

Delivering cost of living relief is our number one priority as a government. From 1 July, every taxpayer will get a tax cut, and every household will get $300 in power bill relief. And we’ve got wages moving again so that Australians earn more and keep more of what they earn.

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A tax cut for every taxpayer.

From July 1, every 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 income tax gets a tax cut.

Our cost of living tax cuts are about rewarding hard working Australians. 

We are providing energy bill relief.

From July 1, every Australian household will receive $300 off their power bills, 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 the bills, while putting downward pressure on inflation.

We are getting wages moving.

After a decade of the Liberal and Nationals in government deliberately keeping wages low, our Labor Government is getting wages moving again.

  • We’ve supported back-to-back increases in the minimum wage, and we’ve delivered an historic 15 per cent pay rise for aged care workers. 
  • We’ve taken the gender pay gap to a record low.
  • We’ve banned pay secrecy clauses. 
  • We’ve made deliberate wage theft a crime.
  • We’ve legislated our ‘same job, same pay’ protections for casual workers. 
  • And we are seeing wages grow at a higher rate than inflation.

We’ve made medicines cheaper.

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 a year. That means no one will pay more than $31.60 for a PBS script.

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.

And we’re 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 support for parents.

We want new parents to have the flexibility, support and choice they need. That’s why we’re delivering the biggest boost to government Paid Parental Leave since Labor created it in 2011. 

We’ve made child care cheaper for more than 1 million Australian families. 

We’re moving towards six months of paid time off – with the flexibility to choose how to split it between parents.

And we’re introducing paid super on government Paid Parental Leave.

It’ll mean more dads can take time off work, so caring responsibilities can be shared more equally. And it’ll mean more opportunity for mums, boosting workforce participation across the economy.

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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
Email: A.Albanese.MP@aph.gov.au

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.