Jim Chalmers
Rankin · Australian Labor Party · Australia
“It's why we have delivered and are delivering an ambitious budget defined by reform and resilience and responsible economic management. We've been delivering for the Australian people while the member for Hume has been destroying the Liberal Party. We've been delivering for Australians. He's been destroying the once great Liberal Party.”
“I acknowledge the member for Gellibrand and thank him especially for his work on Asian capability and the big report that he has just released as the chair of the education committee. Today is obviously a very important day.”
“We don't just acknowledge those challenges; we are addressing them. That's why we are delivering more tax cuts for Australian workers, more pay rises for people on awards and the minimum wage and a fairer tax system for first home buyers.”
“It's because every time the Australian people need them to vote to help them with these real pressures that they face, they vote to make things worse rather than better. They leave this parliament today more divisive and more divided than ever. We leave this parliament today delivering for the Australians who sent us here.”
“On Friday, we learned that the deficit for the year just finished will be smaller than anticipated at budget time, and we know from the AOFM this week that our debt will be $200 billion less than the trajectory we inherited from those opposite. If those opposite had their way, there'd be bigger deficits and more debt.”
“The member for Macquarie is a wonderful representative of workers and small businesses and families in her beautiful part of Australia. Today is a really important day, as the Prime Minister said a moment ago. We are delivering tax cuts.”
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“I thank the member for McEwen not just for his question but for the way that he advocates for his local community, particularly when it comes to helping them with the cost of living. The honourable member for McEwen is one of those local members who stays focused on the main game. If only those opposite had the same qualities and characteristics as the member for McEwen does. He knows—and every member on this side of the House knows—that one of the most important elements of the budget we handed down last night from this dispatch box was about helping people with the cost of living, with tax cuts for every Australian taxpayer. We are cutting taxes not once, not twice but three times for every Australian taxpayer. Already the vast bulk of those tax cuts are flowing, but we'll top them up twice next year and the year after.”
“It will help them, with their combined tax cut of $50 a week, with the cost of living. If the honourable member really cared about the cost-of-living pressures that people are confronting, he would have voted for tax cuts. The consequence of the position that the shadow Treasurer talked the honourable member into is that a Liberal Party came in here, given the opportunity to vote for lower income taxes, and instead voted for higher income taxes. That's why I'm told that there's a bit of chirp on the back bench, because people don't think this is a good idea. And we don't think it's a good idea either. We think—”
“And so let's hear what those opposite intend to do, because what happened was, after the Leader of the Opposition made this big pronouncement, the shadow Treasurer went to the Press Club, described not by me but by some of the friends upstairs as one of the worst performances they've ever seen at the Press Club—he couldn't explain the difference between the permanent intake and the net overseas migration intake. So they should come clean. What we're doing on this side of the House is responsibly managing migration down at the same time as we build more houses. If they've got an alternative view, then they should clear it up.”
“There was a spike after COVID, and we have been responsibly managing down that net overseas migration, recognising that we needed to do that. If those opposite have got a different view about migration, they should say so. But what happened was the opposition leader came in here and gave a budget reply speech and said he was going to do something, and, ever since then, he's pretended that never happened. And somebody should tell the Leader of the Opposition that they write this stuff down!”
“First of all, on housing, we're very proud to have found room in a tight budget for $33 billion in investment in building more homes for more Australians to buy and to rent. We understand that there's a difference between this side of the house and that side of the House. They want to cut funding for housing, and we've found room to increase funding for housing, because, when we came to office, the construction pipeline was not what it needed to be, and we've been working as hard as we can and dedicating as many resources as we can to turning that around. And that's what we're doing. What the shadow Treasurer's question refuses to acknowledge is that net overseas migration is coming down quite substantially, and we saw that in the budget numbers that were released last night.”
“They'll be paying higher taxes, and that's because this opposition leader wants to cut everything except taxes for workers.”
“Now, we acknowledge that, even as the national aggregate numbers turn in our favour, we know that that doesn't always immediately translate into how people are feeling and faring in the economy and communities like those represented by the member and every member here, and that's why the cost-of-living help is so essential in the budget. We know that cost-of-living pressures are front of mind for most Australians, and dealing with the cost of living is absolutely front and centre in our budget that we handed down last night. That's why it beggars belief that, when we're trying to cut taxes for every Australian worker not one more time but two more times, those opposite came into the House today and voted against it. What that now proves beyond any doubt is that, if those opposite win the next election, Australians will be worse off.”
“What that reflects and what that recognises is that, with all of the investment we're making in helping with the cost of living and strengthening Medicare and investing in every stage of education, investing in housing, making our economy more resilient in the face of all of this global economic uncertainty, we have found a way to do that consistent with inflation coming down further and faster in our economy. And what all of that means is that the soft landing in our economy that we've been planning for and preparing for now looks increasingly likely. The Australian economy is genuinely turning a corner and we saw that in the budget last night.”
“Now, as I said before, in terms of a stronger economy that the member asked me about, we did get some very good news today on inflation. Monthly inflation fell to 2.4 per cent—in the lower half of the Reserve Bank's target range. Annual trimmed mean inflation fell to 2.7 per cent, well within the band as well, and this reflects the very welcome, very encouraging progress that we're making together as Australians on inflation. The budget last night forecast that inflation will come down quicker and sooner than was anticipated, even at the end of last year.”
“The member for Blair is a terrific local member and it's a real honour to serve with him here in the House of Representatives. As he knows, our budget last night was all about helping people with the cost of living, strengthening Medicare and building Australia's future. In the communities that the member for Blair represents, the communities represented right around the room today, we know how important that is. What the budget does is it tries to build on the progress that we're making together as Australians in our economy. We have got inflation down. Real wages are up. Unemployment is low. Debt is down. Interest rates have started to be cut and growth is rebounding solidly in our economy as well, with a bigger and bigger role for the private sector, which is especially welcome.”
“I know that the member for Indi won't mind me saying publicly what we talk about privately. She is a very effective advocate for her local community, always seeking more funding and more advantages and more opportunities for her local community, but those two funds already have a billion dollars in them. We're finding other ways to invest in the regions because, as the Australian economy recovers, we want the regional economies to be a bigger and bigger part of Australian story and that drives our investment in infrastructure in particular in the regions.”
“We have invested $1 billion, my colleague reminds me, in those two funds, one of them $600 million and one of them $400 million. That is because we do believe in providing grant funding to the regions, and we're doing that in the most robust and responsible way that we can. But those aren't the only investments that we're making in regional Australia, if you think about the investments the communications minister is making in the NBN or if you think about the investments we're making in health care, in regional education. There are a whole range of investments in my own portfolio, making sure that banks stay open in the bush, making sure in the minister's portfolio that we have access to decent aviation services. The regions were a big focus in the budget.”
“I thank the member for Indi for her question. The regions are a big focus of the budget. Even in the member's own electorate, when you put together the three tax cuts that we are providing, the average tax cut is about $43 a week. The 30 clinics in Indi will be financially better off, switching to bulk-billing as a result of our reforms. We expect something like an extra 148,000 bulk-billed visits in the honourable member's electorate by 2030 as a consequence of the investments in health that the Minister for Health and Ageing secured in the budget and that we announced last night and previously. As I said, in the budget there are a number of important elements for the regions. I know that the member for Indi mentioned two funds in particular. I acknowledge that.”
“It is a fraction of what we inherited from those opposite, so spare us the lectures about inflation and living standards. If you really cared about the cost of living, you would have voted for our tax cuts. Instead, you voted for higher taxes on every Australian worker. Well done!”
“As the Prime Minister said before—and I couldn't agree more—this opposition leader wants to cut everything except taxes for workers in our economy. So how dare those opposite come up here and ask about living standards and ask about inflation, when they left us inflation multiples of what it is now and rising fast? We've got inflation down, very substantially, together as Australians. In addition to the brain snap vote against tax cuts in the parliament this morning, the other reason that this question from the shadow Treasurer is characteristically ham-fisted is that we got new inflation data today, actually, at about 11.30, and what that shows is inflation is down again. Headline inflation is down again. Underlying inflation is down again.”
“This is why one of them described the shadow Treasurer to the Australian as a dead weight. I couldn't agree more. What the budget is all about is providing cost-of-living relief, cutting taxes for every Australian taxpayer, strengthening Medicare and building Australia's future. It's disappointing but not surprising to see that those opposite voted against our tax cuts, because, whenever we've tried to help Australians with the cost of living, they have tried to prevent it. So, as we get closer and closer to this election, when the Prime Minister calls it, Australians will have a very clear choice: this Labor government and this Prime Minister, cutting taxes for every taxpayer and helping Australians with the cost of living; or that opposition leader, who has a secret agenda for cuts which will make Australians worse off.”
“It hasn't dawned on the shadow Treasurer that he's asking that question on the same day that he voted against tax cuts for every Australian worker. Now, if the shadow Treasurer genuinely cared about cost-of-living pressures and living standards in our economy, he would have voted for our tax cuts, but instead he voted against those tax cuts. This was the consequence of the brain snap that the shadow Treasurer had in the budget lock-up yesterday, when he decided, in the face of these cost-of-living pressures, to recommend to his backbench that they vote against a tax cut for every Australian worker to help them with the cost of living. That's why they're all looking at their phones and looking at their shoes—because they know once again that the shadow Treasurer has been found out and he has been found wanting.”
“This makes the choice at the election abundantly clear. The shadow Treasurer's brain explosion last night, opposing these tax cuts, now makes the choice at this election absolutely crystal clear: a Labor government under this Prime Minister, cutting income taxes for Australian workers and helping with the cost of living, or those opposite and an opposition leader with a secret agenda for cuts which will make Australians worse off. That is the choice at the election. On this side of the House, we proudly stand for lower taxes for Australian workers. We are for Australians earning more and keeping more of what they earn. And we are for doing everything that we responsibly can to help Australians under pressure. That's what the budget was all about last night. That's what this legislation does.”
“Those opposite want to cut everything except for income taxes. That's their position. They have consistently opposed the government's cost-of-living relief over the last three years. If they had their way, Australians would be thousands of dollars worse off already, and they have now made it clear that Australians will be worse off still if they win the next election. They opposed our cuts to student debt, cheaper early childhood education and cheaper medicines. They opposed the first two rounds of our energy bill rebates. They opposed more homes for Australians and more urgent care clinics, if you can believe it, Mr Speaker. They opposed the tax relief that started rolling out halfway through this year, and now they will oppose these tax-cut top-ups as well. They are saying no three times in three years to three tax cuts.”
“To vote against this legislation would be to stand against more cost-of-living relief that Australians need and deserve. This is what those opponents are proposing, with the shadow Treasurer's brain snap last night when he said that he would oppose more tax cuts for every Australian taxpayer. That was the brain explosion that came out of the opposition lock-up last night, when the shadow Treasurer decided, after bleating about lower tax cuts in the lead-up to the budget. When this government is delivering it, they say that they're against it. Is it any wonder that those opposite are forming an orderly queue to say the shadow Treasurer is not up to the job of being the Treasurer of this country. There's no consistency or clarity on the coalition's policy positions except for this—their commitment to cut cost-of-living help for Australians.”
“In the five quarters before our first budget, real wages fell in annual terms. They have now grown for the last five consecutive quarters. And real incomes per capita are growing now too. This is a direct result of our plan to get inflation down, wages up, and tax cuts flowing in our economy. This legislation is another important step in implementing that plan. It's about giving extra help to Australians doing it tough. It's about providing cost of living relief in a responsible way that strengthens the economy at the same time. And it's about making sure all taxpayers see the benefits, not just some. To stand in the way of this legislation is to vote for higher taxes on Australian workers. To vote against this legislation would be to stand in the way of more hard earned money in the pockets of every hard-working Australian.”
“As part of this legislation, we will also increase the Medicare levy low-income thresholds. This is a bit more tax relief for more than a million Australians as well. We will amend the Medicare Levy Act 1986and the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999to increase the thresholds for singles, families, seniors and pensioners. The thresholds will rise by 4.7 per cent so more than one million Australians on lower incomes will continue to be exempt from paying the Medicare levy or pay a reduced levy rate. At the core of the economic plan we laid out in the budget last night is a simple objective. Our government is all about ensuring more Australians earn more and keep more of what they earn. The results of our plan are clear and compelling.”
“A plan that includes tax cuts and energy bill relief for households, cheaper medicines and early childhood education, student debt relief and free TAFE, plus strengthening Medicare and higher wages. The tax cuts we are rolling out and topping up are cost-of-living relief with an economic dividend. They return bracket creep. They boost workforce participation. And they incentivise people to take up that extra shift, which could push up hours worked in our economy by 1.3 million hours—mostly driven by women's workforce participation. This all means they will strengthen household budgets at the same time as they strengthen our national economy. We have also designed them to ensure our fiscal settings are consistent with inflation remaining sustainably in the Reserve Bank's target band.”
“This bill amends the Income Tax Rates Act 1986 to cut the first marginal tax rate from 16 per cent to 14 per cent over two years starting from July 2026. These changes will take the first tax rate down to its lowest level in more than half a century. And they will mean the average earner will have an extra $536 in their pocket each year when they're fully implemented. Combined with our first round of tax cuts, this rises to $2,190. And the average total tax cut will be $2,548, or about $50 a week. These tax cuts are the biggest part of a substantial and responsible cost-of-living package in last night's budget. We know that the cost of living is front of mind for Australians and it was absolutely front and centre in the economic plan that we set out last night.”
“I move: That this bill be now read a second time. Today we are proud to introduce the Treasury Laws Amendment (More Cost of Living Relief) Bill 2025. This bill delivers more relief in the tax system to Australians, more tax relief for every single Australian taxpayer—all 14 million Australians, in all parts of the country, not some. From tradies to nurses, aged carer workers to teachers, sparkies to hairdressers, this legislation gives a tax cut top-up to every taxpayer, right up and down the income scale. These additional tax cuts are responsible. They are modest in isolation, but they will make a difference in combination with the tax cuts which are rolling out already and all of the cost-of-living relief that we are proud to fund in last night's budget.”
“The plan at the core of this budget is about more than putting the worst behind us. It's about seizing the best of what's ahead of us. To build a stronger economy together. And to build a future that we can all be proud of. That's why I commend this bill and this budget to the House. Debate adjourned.”
“Provisioning another $1.2 billion to properly fund recovery from ex-Tropical Cyclone Alfred. As part of $13.5 billion in natural disaster funding for further north and around the country. Seizing t he o pportunities a head It's even more important and even more remarkable that Australia's economy is turning the corner. When we know that the global economy is taking a turn for the worse. Our progress and our prospects validate and vindicate the decisions and sacrifices that we've made together as Australians. To bring inflation and debt down. To get wages and growth up. And to keep unemployment low. What really matters is that we build on this platform. How we help finish the fight against inflation. How we keep rebuilding living standards. And how we maximise our national advantages to benefit Middle Australia.”
“Broadening o pportunity We're repairing the budget without ignoring our responsibility to build a stronger, fairer and more inclusive society. Where more Australians have the chance to contribute to and share in our economic success. We're providing $1.3 billion for Closing the Gap and economic self-determination for First Nations Australians. With investments in remote community services, opportunities for business, and support for homeownership. Tonight's budget also includes $424 million for Australians with a disability, and more funding for aged-care reform. There's more money to support veterans and build on the progress that we have made eliminating the backlog of claims. Cyclone Alfred And we're providing help to Australians and communities affected by natural disasters.”
“Gross debt will hit $940 billion this financial year, $177 billion less than what we inherited. This means we will avoid around $60 billion in interest costs over the decade. These are some of the dividends of our responsible economic management. Achieved through a combination of spending restraint, finding savings and banking revenue upgrades. Real payments growth is forecast to average 1.7 per cent to 2028-29, less than half of the average under our predecessors. We have found around $94 billion of savings since coming to government, including another $2 billion in this budget. In this term, we've banked around 70 per cent of tax receipt upgrades. And we've made structural improvements to the budget across the NDIS, aged care and interest costs.”
“And we're investing $45 million in our initial response to the 2024 Independent Intelligence Review. Responsible e conomic m anagement In a tight budget, we've made room to boost our defences, strengthen Medicare, help people doing it tough, build more homes and invest in the future. We've done all this at the same time as we've overseen the biggest ever fiscal improvement in a single term of government. Tonight's budget is $207 billion better than we inherited. It's in better shape in every year over the forward estimates than it was three years ago. In our first two years, we posted the first back-to-back surpluses in nearly two decades. Our deficit this year has almost halved since we came to office. Next year's deficit is $42 billion, lower than what was forecast at the last election, and lower than at the mid-year update.”
“Including: In total we're investing more than $120 billion in infrastructure in every state and territory over the decade. Improving the productivity, resilience, liveability and sustainability of our cities, regions and communities. Accompanied by $262 million to preserve and conserve our natural land and ocean assets. Securing Australia's place in the world In these uncertain times, economic security and national security are increasingly intertwined. We're supporting stability and prosperity in our region, by helping to shore up banking services in the Pacific. We have invested an extra $50.3 billion in defence by the mid-2030s, to help keep Australians safe. It means defence funding will grow beyond 2.3 per cent of GDP by the early 2030s.”
“We respect and admire the hard work, aspiration and sacrifice behind those record numbers. Which is why we're going in to bat for small and local businesses in this budget: Thriving cities, suburbs and regions Building Australia's future also means building on the strength of our regions. That's why we're securing banking services in country towns and flights in the bush. It's also why we're investing up to $3 billion in additional equity to complete the rollout of the National Broadband Network. Infrastructure like the NBN is essential for communities, students and businesses, and to the productivity of our nation. So are the roads and railways connecting our regions to our cities and supporting economic growth. This budget provides $17.1 billion over 10 years for these projects.”
“Building on the tax incentives for critical minerals and green hydrogen that we legislated last year. We're also backing clean technologies through our Future Made in Australia Innovation Fund and by recapitalising the Clean Energy Finance Corporation. This will help develop new industries in clean energy manufacturing, green metals and low-carbon liquid fuels, and unlock more private investment. This agenda is about recognising that our future growth prospects lie at the intersection of our industrial, resources, skills and energy bases and our attractiveness as an investment destination. So that we can grasp the jobs and opportunities of the net zero transformation. Support for local businesses In difficult conditions, around 25,000 new businesses have been created each month on average since we came to office.”
“This will be a template for expanding national licensing to other occupations, when and where we can. The PC suggests these broader licensing reforms could boost GDP by up to $10.3 billion. A Future Made in Australia Australia is well placed to respond to the five seismic challenges shaping this new world of uncertainty. The shift from globalisation to fragmentation. From hydrocarbons to renewables. From information technology to AI. From a younger population to an older one. And all of the changes in our industrial base. All of this puts a premium on resilience. That's what a future made in Australia is all about. In this budget, we're investing more than $3 billion to support the production of Australian-made green metals, like aluminium and iron.”
“Tonight, we are advancing this substantial economic reform agenda. We will abolish non-compete clauses for most Australian workers. Non-competes are holding too many Australians back from switching to better, higher paying jobs. More than three million Australians are captured by these clauses, including childcare workers, construction workers and hairdressers. People shouldn't need to hire a lawyer to take the next step in their career. Or permission from their old boss if they want to be their own boss and turn an idea into a small business. The Productivity Commission estimates that this reform could lift productivity, reduce inflation and improve GDP by $5 billion. And it could boost wages by up to four per cent. We're also introducing a national licensing scheme to allow electricians to work seamlessly across borders.”
“Another is by investing in our comparative advantages. Or by looking for opportunities to join with our partners in new, more resilient global supply chains. By becoming an indispensable part of the global net zero economy. By preparing our people to adjust to and succeed in the new world being created right in front of us. By building a future made in Australia. A more productive, more dynamic economy A big part of this depends on boosting productivity the right way, to lift living standards over the long term. Our plan for productivity growth doesn't mean making Australians work longer for less. It's about investing in our people and doing more to unlock our potential by boosting dynamism and competition in our economy. We've created a $900 million fund to reward state governments for implementing reforms that promote competition.”
“This means public schools will finally be on track to reach the funding standard recommended in the Gonski review almost 15 years ago. Making f ree TAFE permanent On top of this, our fee-free TAFE program will help equip Australians for the jobs of the future. Over the next decade, nine out of 10 new jobs will require postsecondary qualifications. Almost half of these will be from vocational training. We have introduced legislation to lock in 100,000 free TAFE places annually from 2027. And we've committed $1.6 billion to fund these places until 2035, to make it easier for Australians to train, retrain and upskill. B uilding a stronger economy We see this as an important way, or one way, to ensure Australians can be primary beneficiaries of all of this churn and change that we're seeing around the world.”
“So, from January 2026, we are replacing the childcare subsidy activity test with a new three-day guarantee. This will make sure families are entitled to at least three days a week of subsidised early childhood education and care. We're also building more childcare centres in areas of need. Investing $5 billion to expand access across the country and lift the wages of early educators. And charting a path to universal early education and care, regardless of a child's background, no matter where they live. Investing in public schools We're also putting billions into public schools in this budget, to open the doors of opportunity for more Australian children. We're fully and fairly funding public schools to help students catch up, keep up and finish school.”
“Investing in every stage of education A crucial part of this Labor government's economic plan relies on the transformational power of education. Its power to turn aspiration and ambition into reality. This is why we're investing in every stage of education. To lay the foundation for a better and fairer system and teach and train Australians for the jobs of the future. Reforming early education and care This all starts with early childhood education and care. We believe every child has the right to an early education, to ensure that they don't start school behind. Cheaper child care is also cost-of-living relief with an economic dividend. A key part of our plan to rebuild living standards is to help people work more and earn more if they want to. That means breaking down the barriers to workforce participation.”
“By doubling incentive payments so that eligible apprentices get up to $10,000 if they train up in the housing construction sector. More support for first home buyers Tonight, we're expanding our Help to Buy scheme as well. This is part of our efforts to help ensure more Australians can buy a place of their own. We will update the property price and income caps so more first home buyers are eligible for the scheme, and this will help 40,000 Australians buy their first home in the next four years. And the changes mean that they can access a bigger range of homes and buy one that suits them. And we're easing pressure on the housing market by banning foreign investors from buying established homes, and cracking down on foreign land banking as well.”
“The first two rounds of the $10 billion Housing Australia Future Fund are helping to build about 18,000 social and affordable homes for those who need them most. And lifting the cap on Housing Australia's financial liabilities to $26 billion also helps in this regard. We're making sure new properties are well located and connected to the infrastructure that they require. Our Housing Support Program is funding the crucial roads, water and power that these new homes need. Our national leadership is incentivising states and territories to reform their planning systems to accelerate new housing supply. And, to build more, we know that we also need to train more builders. That's why we're attracting more apprentices into the housing industry.”
“Because, for our government, women's health is not a boutique issue or a question of special interest—it is a national priority. Building more homes for Australians New plans for cost of living and health are accompanied by new investments in housing. We are tackling the housing shortage from every responsible angle. Making homeownership more affordable for young Australians and for young families in particular. Our $33 billion plan will help build 1.2 million new homes before the decade is out. More homes, more quickly This includes $54 million to accelerate the uptake of modern methods of housing construction. Which is all about building more homes, more quickly. It supports our work to cut red tape and reduce financial barriers to more efficient construction methods.”
“Taking pressure off hospitals and emergency departments. And all you need is your Medicare card. More funding for public hospitals Every single state and territory will also get more money for hospitals in this budget. Funding that will reduce waiting times. Tonight, we're locking in an extra $1.8 billion, taking our total contribution to public hospitals to $33.9 billion next year. Investing in women's health We're proud to be investing $793 million in this budget in women's health. To create more choices, lower costs and deliver better health care for women. This funding will help Australian women save on contraception, access more endometriosis and pelvic pain clinics, and receive better support throughout menopause.”
“Because of this investment, nine out of 10 GP visits should be fully bulk-billed by the end of the decade. More bulk-billing will mean less pressure on families. These incentives mean there'll be around 4,800 fully bulk-billing practices around the country— Making it easier to see a doctor and get the care you need. And saving patients around $860 million a year. This budget also delivers new incentives for doctors to train as GPs— New scholarships for nurses and midwives— Better access to urgent care clinics And another 50 Medicare urgent care clinics. This is a $644 million investment in this budget to build on the 87 urgent care clinics that we've already opened. Four in every five Australians will live within a 20-minute drive of an urgent care clinic as a consequence. Opening early, closing late—available on weekends.”
“Pensioners and concession cardholders will still pay $7.70 a script, because we froze their costs as well. We're also investing $1.8 billion to list more life-changing and life-saving medicines on the PBS. For example, cutting the cost of a lymphoma treatment will save some Australians more than $600,000. Strengthening Medicare The Pharmaceutical Benefits Scheme is a great Labor creation—and it's a great Australian institution. We are strengthening it because Australians need us to, not weakening it because American multinationals want us to. A Labor government created Medicare as well—and only Labor governments strengthen it. Tonight, we are proud to make the single biggest commitment to Medicare since its creation. A record $8½ billion to lift bulk-billing rates and build our health workforce.”
“By empowering the competition watchdog, making the Food and Grocery Code mandatory, increasing penalties and boosting competition. At the same time, we're targeting excessive surcharging and scams and unfair trading practices that harm consumers. Cutting student debt A university education is a life-changing opportunity. But it shouldn't leave Australians with a lifetime of debt. This year, we will cut 20 per cent off all student loan debts, raise the minimum repayment threshold and reduce repayment rates. Combined with our existing student debt relief, we will slash $19 billion in debt for more than three million Australians. Cheaper medicines In every budget, including this one, we have made medicines cheaper. Tonight, we reduce the maximum price for a PBS script from $31.60 to $25.”
“This is the dividend of our economic plan to get inflation down, wages up, and tax cuts flowing. Tonight, we're providing an additional $2.6 billion to fund pay rises for aged-care nurses from March this year— So that the workers that we trust to care for our parents and grandparents get paid properly for the work that they do. We're reforming non-compete clauses, to lift wages by up to $2,500 a year for workers covered by them. We've supported a historic wage increase for the early childhood educators and care workforce. And we've backed pay rises which ensure the national minimum wage has risen by almost $7,500 a year. A fair go for families and farmers We know that Australians, despite all of this, are still under pressure, and a lot of that pressure is felt at the checkout. That's why we're cracking down on the supermarkets.”
“Two rounds of energy rebates have helped take some of the sting out of energy costs. Tonight, we're providing $1.8 billion in energy bill relief. Every household and around one million small businesses will receive energy rebates until the end of 2025. This means cutting another $150 off bills this year. The government will also be using the powers and penalties of the energy regulators and the ACCC to help ensure: Earning more and keeping more At the core of our economic plan—and at the very heart of this Labor government—is a simple objective: To ensure more Australians earn more and keep more of what they earn. In the five quarters before our first budget, real wages fell in annual terms. They have now grown for the last five. Real incomes per capita are now growing too.”
“This will take the first tax rate down to its lowest level in more than half a century. These additional tax cuts are modest but they will make a difference. The average earner will have an extra $536 in their pocket each year when they're fully implemented. Combined with our first round of tax cuts, this is $2,190. And the average total tax cut will be $2,548, or about $50 a week. We'll also increase the Medicare levy low-income thresholds, which is extra tax relief for more than a million Australians. Now, our $17 billion in tax cuts are the biggest part of the responsible cost-of-living package in this budget. But they're not the only part. New energy rebates Electricity prices, in the official data, went down 25 per cent last year but they're still putting pressure on households around the world.”
“Delivering r esponsible c ost- o f- l iving r elief But there's more work to do because we know that people are still under pressure. The cost of living is front of mind for most Australians and it is front and centre in this budget. We know the welcome improvements in the aggregate numbers don't always immediately translate to how people are feeling and faring. We've made a lot of progress together but we know many people are still doing it tough. Our plan to rebuild living standards starts with cost-of-living help and wages growth. It includes more hip-pocket help for households: New tax cuts for every Australian taxpayer Tonight, the government is proud to be delivering more tax relief. Every Australian taxpayer will get a tax cut next year and the year after, to top-up the tax cuts which began in July.”