Month: March 2025

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Government is building a stronger economy and stronger Budget, with smaller deficits and much lower debt than we inherited.

Responsible economic management is a defining feature of this Government and this Budget.

While the global economy is uncertain and Australians are still under pressure, we have made substantial progress in turning the economy and the Budget position around.

Inflation is down, unemployment is low, wages are up, interest rates have started to come down, growth has rebounded solidly.

At the same time, the Government has delivered the biggest Budget turnaround in a Parliamentary term – improving the Budget by $207 billion – while delivering responsible cost of living relief to millions of Australians to ease pressures on households.

We’ve turned two big Liberal deficits into two Labor surpluses and the deficit in our third year, of $27.6 billion, is almost half of what we inherited from the Coalition.

This Budget improves the bottom line by $1.6 billion over the forward estimates compared to MYEFO, and the deficit in 2025–26 is forecast to be $42.1 billion – lower than MYEFO and lower than what we inherited.

We’ve done this by limiting real spending growth, finding savings and banking the majority of revenue upgrades over the past three years.

Fiscal policy worked with monetary policy to return inflation to the target band in the second half of last year, while keeping unemployment near historic lows and the economy growing.

Our fiscal settings are consistent with inflation sustainably returning to the RBA’s target band, which Treasury now expects to occur six months earlier than anticipated.

Since the Government has come to office:

• The Budget position has improved by $207 billion over the seven years to 2028–29 and is better in every year over the forward estimates.
• Debt is $177 billion lower this year, which will help us avoid around $60 billion in interest repayments over the decade.
• Real payments growth is estimated to average 1.7 per cent per year over the seven years to 2028–29, which is around half the average under our predecessors.
• We have identified $94.1 billion in savings and reprioritisations.
• We have returned 69 per cent of upwards revisions to tax receipts compared to our predecessors who averaged around 40 per cent.

There is heightened uncertainty in the global economy including from escalating trade tensions, a slowdown in China and the ongoing war in Europe.

Australia has not been immune to challenging global conditions but we are one of the best placed economies to navigate them.

When we came to government, we inherited a trillion dollars of debt and large deficits.

In less than a term, we’ve got the debt down, we’ve delivered two surpluses when our predecessors delivered none, and we’re on track to deliver lower deficits.

We’ll continue to do what we can to ease pressure on Australians with tax cuts, energy rebates, higher wages, strengthening Medicare and cheaper medicines at the same time as we repair the budget and Build Australia’s Future.

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Labor Government will provide another $150 in Energy Bill Relief, extending our energy rebates until the end of 2025.

This responsible cost of living relief measure will help every household and small businesses.

From 1 July 2025, every household and around one million small businesses will see another $150 in rebates automatically applied to their electricity bills in quarterly instalments, on top of the previous rebates already being rolled out to Australian households and small businesses.

Treasury estimates this will directly reduce headline inflation by around half of a percentage point in 2025, and reduce household bills by 7.5 per cent on average nationally, compared to bills without the extension.

As the Australian Bureau of Statistics has shown, the energy bill rebates we have been rolling out with the states have directly reduced electricity prices. In 2024, electricity prices fell 25.2 per cent, but would have fallen just 1.6 per cent without energy rebates.

The extension of energy bill rebates will cost $1.8 billion over the forward estimates.

In addition, the ACCC’s Inquiry into the National Electricity Market will be extended for 12 months, helping to ensure households and small businesses are getting a fair deal from their energy retailer.

The Albanese Labor Government’s energy reforms will help consumers to switch between energy plans to secure the best value for their money, remove excessive fees and charges, and ensure people get the concessions they are entitled to, potentially saving them hundreds of dollars per year.

We are providing immediate relief on energy bills now while we continue to progress the overdue reform needed to deliver the modern, affordable and reliable energy grid Australians deserve.

Our economic plan is all about finishing the fight against inflation, providing responsible cost of living relief and building a stronger and more productive economy.

Helping with the cost of living is the number one priority of the Albanese Government and the Budget, and that’s what our energy rebates will do.

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Government is taking action to stop unfair non‑compete clauses that are holding back Australian workers from switching to better, higher‑paying jobs.

We will ban non‑compete clauses for most workers that have no justification and drag down wages.

This Budget is backing workers, boosting wages and building a stronger economy.

Reforming non‑compete clauses is about encouraging aspiration, unlocking opportunity, lifting wages, and making Australia’s economy more dynamic and competitive.

Workers should not be handcuffed to their current job when there are better opportunities available for them.

Right now, more than three million Australian workers are covered by these clauses, including childcare workers, construction workers, and hairdressers.

Treasury’s Competition Review heard troubling accounts about the misuse of non‑compete clauses, including minimum wage workers being sued by former employers and workers being threatened with legal action if they switched jobs.

Australians shouldn’t need a lawyer to go to a higher paying job.

Even where non‑compete clauses are legally unenforceable, they can lower worker mobility.

Our changes will make it easier for workers to switch to a better job will boost wages.

Research suggests the reforms could lift the wages of affected workers by up to four per cent, or about $2,500 per year for a worker on median wages.

Productivity Commission modelling suggests the changes could improve productivity and add $5 billion or 0.2 per cent to GDP annually, as well as reduce inflation.

These changes will spur new business entry and competition.

Non‑compete clauses are a handbrake on business creation and a speed bump on aspiration.

The restrictions prevent workers from setting up their own shop and pursuing entrepreneurial ambition.

The ban on non‑compete clauses will apply to workers earning less than the high‑income threshold in the Fair Work Act (currently $175,000).

We will also close loopholes in competition law that currently allow businesses to:

• Fix wages by making anti‑competitive arrangements that cap workers’ pay and conditions, without the knowledge and agreement of affected workers.
• Use ‘no‑poach’ agreements to block staff from being hired by competitors.

Reforming such anti‑competitive business agreements will bring Australia into line with many other advanced nations and ensure a fairer, more competitive job market.

The Government will consult on policy details, including exemptions, penalties, and transition arrangements.

We will also consider and consult further on non‑solicitation clauses for clients and co‑workers, and non‑compete clauses for high‑income workers.

Following consultation and passage of legislation, the reforms will take effect from 2027, operating prospectively to give businesses and workers time to adjust.

Banning non‑competes for most workers is part of a broader package of reforms in this Budget to strengthen competition and back workers.

As part of our competition reforms, we are progressing a national licensing scheme for electrical trades people.

National licensing will enable people in electrical trades to work seamlessly across state and territory borders without reapplying for a separate licence or paying additional fees.

Both changes form part of a second tranche of reforms under the Government’s revitalised National Competition Policy.

They reflect the expert advice of the Competition Review Expert Advisory Panel, which includes Dr Kerry Schott AO, Mr David Gonski AC, Professor John Asker, Ms Sharon Henrick, Dr John Fingleton CBE, Ms Danielle Wood, and Mr Rod Sims AO.

They are part of the Albanese Government’s economic plan which is focused on helping workers earn more and keep more of what they earn, and building a stronger and more productive economy.

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Government will deliver two more tax cuts to every Australian taxpayer in 2026 and 2027, adding to the first round that Labor delivered in July last year.

Every Australian taxpayer gets another tax cut from next year – all 14 million, not just some.

This will give a top up to every taxpayer, right up and down the income scale.

Labor’s new tax cuts are modest but they will make a difference.

Combined with Labor’s first round of tax cuts, the average tax cut is expected to be around $43 per week or more than $2,200 in 2026–27, and around $50 per week or more than $2,500 in 2027–28.

It’s a bit of extra help for every taxpayer and it tops up our tax cuts that started flowing on 1 July 2024.

Labor’s new tax cuts will be phased in over two years, ensuring our fiscal settings are consistent with inflation remaining sustainably in the target band.

Last year, we cut two rates and lifted two thresholds to deliver tax cuts for all Australian taxpayers, including around three million people who would have missed out completely under Scott Morrison’s policy from before the election.

The Albanese Labor Government will cut income taxes further over two years:

• From 1 July 2026, we will reduce the 16 per cent tax rate to 15 per cent (for income between $18,201 and $45,000).
• From 1 July 2027, this tax rate will be reduced further to 14 per cent.

As a result of these changes:

• All 14 million Australian taxpayers will receive a tax cut, on top of our tax relief that’s already rolling out.
• Every Australian taxpayer earning above $45,000 (around 80 per cent of taxpayers) will get an extra tax cut of $268 in 2026–27 and $536 from 2027–28, compared to 2024–25 settings.
• A worker on average earnings ($79,000) will get an extra tax cut of $268 in 2026–27 and $536 per year from 2027–28.
• Every Australian taxpayer earning between $18,201 and $45,000 will get an extra tax cut of up to $268 in 2026–27 and up to $536 from 2027–28, compared to 2024–25 settings.
• A person earning $40,000 will get an extra tax cut of $218 in 2026–27 and $436 every year from 2027–28.

Combined with Labor’s first round of tax cuts:

• The average tax cut is expected to be around $43 per week or more than $2,200 in 2026–27, and around $50 per week or more than $2,500 in 2027–28, compared with 2023–24 settings.
• An average earner will receive total tax relief of $1,922 in 2026–27 and $2,190 per year from 2027–28, compared to 2023–24 tax settings.
• The average income earner will pay around $30,000 less in tax to 2035–36, compared to 2023–24 settings.

The Government’s personal income tax reforms lower the first tax rate from 19 to 14 per cent, the second tax rate from 32.5 to 30 per cent, and lift two thresholds.

Our changes to the bottom tax rate under the new tax cuts will bring this rate to its lowest level in over 50 years.

In addition, the Government will increase the Medicare levy low‑income thresholds from 2024–25.

This will benefit more than a million Australians, ensuring people on lower incomes continue to pay a reduced levy rate or are exempt from the Medicare levy.

Labor’s tax cuts return bracket creep, increase the financial rewards from work and boost labour supply.

Whether you’re a truckie, a teacher or a tradie, whether you’re in manufacturing, mining or the care economy, you will earn more and keep more of what you earn.

Our new tax cuts for every Australian taxpayer come on top of our substantial and responsible cost of living relief including:

• Cost of Living Tax Cuts from 1 July 2024;
• Energy bill relief for every household and for small businesses;
• Strengthening Medicare with more bulk billing;
• Cheaper medicines, with a script to cost Australians no more than $25 under the Pharmaceutical Benefits Scheme;
• Cheaper child care;
• Cutting student debt and repayments;
• Free TAFE;
• Increased rent assistance and working age payments;
• Building more homes;
• Higher wages.

The changes to the personal income tax system will cost $17.1 billion over the forward estimates.

The increase to the Medicare levy low‑income thresholds will cost $648 million over the forward estimates.

The Albanese Government’s responsible economic and fiscal management has allowed us to fund important priorities like this tax relief for every Australian taxpayer.

Our economic plan is all about helping Australians earn more and keep more of what they earn and that’s what these tax cuts will help to achieve.

To find out how much the Government’s tax cuts will benefit you, use the calculator on the Budget website.

Table 1: New personal tax rates and thresholds

Tax thresholds ($)	Tax rates (%)
	2023–24	2024–25 and 2025–26	2026–27	2027–28
0 – 18,200	Tax free	Tax free	Tax free	Tax free
18,201 – 45,000	19	16	15	14
45,001 – 120,000	32.5	30	30	30
120,001 – 135,000	37	30	30	30
135,001 – 180,000	37	37	37	37
180,001 – 190,000	45	37	37	37
190,001 and above	45	45	45	45

Table 2: Summary of tax benefits

Taxable Income	Current tax cut from 1 July 2024 compared to 2023–24 tax settings	2026–27 First new tax cut (from 16 to 15 per cent) compared to 2024–25 tax settings	2026–27 Total benefit from Labor’s tax cuts compared to 2023–24 tax settings	2027–28 onwards Second new tax cut (from 15 to 14 per cent) compared to 2026–27 tax settings	2027–28 onwards Total new tax cut compared to 2024–25 tax settings	2027–28 onwards Total benefit from Labor’s tax cuts compared to 2023–24 tax settings
$40,000	$654	$218	$872	$218	$436	$1,090
$47,627^	$870	$268	$1,138	$268	$536	$1,406
$50,000	$929	$268	$1,197	$268	$536	$1,465
$79,000*	$1,654	$268	$1,922	$268	$536	$2,190
$100,000	$2,179	$268	$2,447	$268	$536	$2,715
$103,000**	$2,254	$268	$2,522	$268	$536	$2,790
$150,000	$3,729	$268	$3,997	$268	$536	$4,265
$200,000	$4,529	$268	$4,797	$268	$536	$5,065

^ The national minimum wage is $47,627, set by the Fair Work Commission under the Fair Work Act as of 1 July 2024.
* Annualised average weekly earnings is around $79,000, based on $1,510.90 per week in November 2024 (ABS data release), which captures average gross wages across all employees, including full‑ time and part‑time workers.
** Average ordinary full‑time earnings is $103,000, based on $1,975.80 per week in November 2024 (ABS data release), which captures average gross wage income across full‑time employees only, and excludes any income earned from overtime.

Source: Northern Territory Police and Fire Services

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Source: Northern Territory Police and Fire Services

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Source: Northern Territory Police and Fire Services

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Source: Northern Territory Police and Fire Services

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We’ve reviewed our travel advice for North Korea and continue to advise do not travel. Travel within the country is severely restricted and entry and exit conditions can change at short notice. Australia doesn’t have an embassy in North Korea. Our ability to provide consular services in North Korea is extremely limited.

Source: Workplace Gender Equality Agency

The Albanese Labor Government is building Australia’s future, investing in the transport infrastructure Canberrans need to support a growing city. 

Since coming to government, we’ve been backing Canberra – upgrading roads, investing in light rail and building bike paths and walkways to make journeys safer, smoother and more enjoyable. 

We’re investing another $53.5 million as part of the 2025-26 Federal Budget to support the next stage of growth and ensure projects across the territory can actually be delivered. This includes:

• $30 million to complete the Monaro Highway Upgrade 
• $20 million to complete a final business case and commence detailed investigations for the Monaro Highway Upgrade Stage 2  
• $3.5 million to complete the duplication of Gundaroo Drive 

The Monaro Highway upgrade is a long-term series of road improvements which are delivering improved safety, freight efficiency and faster and smoother commutes for ACT residents.

We’re investing a further $30 million to complete Stage 1 of the Monaro Highway upgrade and $20 million to start planning for Stage 2. This takes the Australian Government’s total investment into the project to $165.3 million. 

Stage 1 involves four sections and is expected to be complete in late 2027. 

• A new overtaking lane between Williamsdale Road and Royalla Drive and left hand turn lane into Old Cooma Road – completed in July 2020. 
• Lanyon Drive Intersection upgrade – work is underway. 
• Hume intersections upgrades (Sheppard Street, Mugga Lane and Tralee Street); and 
• Isabella Drive intersection upgrade. 

Planning for the second stage is expected to commence in mid-2026 and be completed in mid-2028. 

The Gundaroo Drive duplication is delivering a dual carriageway on Gundaroo Drive between Ginninderra Drive and the Barton Highway. It will also include intersection upgrades at Dumas Street, Owen Dixon Drive and Chuculba Crescent. 

This $3.5 million investment will ensure the completion of this project, which is expected early this year. It takes the Australian Government’s total commitment to the project to $30.3 million. 

Quotes attributable to Minister for Infrastructure, Transport, Regional Development, Local Government Catherine King: 

“This Budget, we’re investing in the transport infrastructure Canberrans need to support a growing city. 

“We’re injecting a further $50 million into the Monaro Highway to continue these critical upgrades, ensuring it’s in good nick for residents and visitors – some of whom drive it every day.

“We will continue to work with the ACT Government to deliver the roads and rail projects that matter to most to Canberra.”

Quotes attributable to Member for Canberra Alicia Payne: 

“Road upgrades are important to ensuring the safety of Canberrans on their commutes, travelling to holidays and everything in between. Upgrades like these to the Monaro highway will benefit the many Canberrans who use it every day.”

Quotes attributable to Member for Bean David Smith: 

“I welcome this additional investment into critical infrastructure in the ACT. The Monaro Highway is a main atrial route for local residents and it is important that we get these improvements complete with the ACT Government.”

Quotes attributable to Member for Fenner Andrew Leigh:

“Canberra is on the move – and we’re laying the track and paving the way. 

“With investment in light rail, bike paths and roads like the Monaro and Gundaroo upgrades, we’re building a city that’s faster, more efficient, and better connected.

“After a decade of Canberra being overlooked by the Liberals, these projects are about designing the future; making it easier for Canberrans to get around, connect with each other, and make the most of our growing city.”