The Albanese Labor Government is building a stronger economy and stronger Budget, with smaller deficits and much lower debt than we inherited. We have delivered the biggest Budget turnaround in a single Parliamentary term – improving the Budget by $207 billion.

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.

The re-elected Albanese Labor Government is delivering:

• Tax cuts for every taxpayer.
• $1,000 instant tax deduction, allowing taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses.
• A more productive and dynamic economy through new National Competition Policy measures.
• A Future Made in Australia, including over $3 billion to support green metals production.
• $2 billion expansion of the Clean Energy Finance Corporation.
• Ban on non-complete clauses for low-and middle-income workers.
• Closing loopholes in competition law that allow businesses to make arrangements that cap workers’ pay and conditions without the knowledge and agreement of affected workers.
• National occupational licensing for electrical trades to allow electricians to move to where they’re needed most.
• A new Front Door for investors to make it simple to invest in Australia.
• Support for Australian producers through a Buy Australian Campaign.
• $17.1 billion in major infrastructure investments across Australia, including $2 billion for Melbourne Airport Rail and $1 billion for Victorian Road Blitz.
• $3 billion to complete the National Broadband Network.
• Universal Outdoor Mobile Obligation to establish continent-wide SMS and basic voice service to ensure Australians will be better connected, safer and more secure.

Since we were first elected in 2022, the Albanese Labor Government has:

• Delivered back-to-back surpluses for the first time in nearly two decades.
• Reduced unemployment to a 50-year low.
• Almost halved the budget deficit in 2024-25.
• More than one million jobs have been created under the Albanese Labor Government – a record for a first term Australian Government. Around 4 in 5 of these jobs are in the private sector.
• Improved the underlying cash balance by a cumulative $207 billion over the seven years to 2028-29.
• Lowered the projected peak in gross debt as a share of GSP by 7.9 percentage points from 44.9 per cent of GDP to 37% of GDP. Gross debt is lower in every year of the projection period.
• Avoided more than $60 billion in interest costs in the eleven years to 2032-33 due to the stronger budget position.
• Found $94.1 billion in responsible savings and reprioritisations.
• Addressed medium-term structural pressures on the budget including interest costs, aged care and the NDIS.
• Reduced trade impediments with China.

And for workers we’ve delivered:

• Introduced Right to Disconnect.
• Delivered minimum standards for gig workers and owner-drivers.
• Delivered same job, same pay for labour hire workers.
• New rights for casual workers to become permanent.
• Made deliberate wage theft a criminal offence.
• Increased penalties for underpayment of wages.
• Introduced industrial manslaughter offence for reckless worker safety.
• Made it illegal to advertise jobs at below award wages.
• Tightened work protections against sham contracting.