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.

Inflation is down, unemployment is low, wages are up, interest rates have started to come down, growth has rebounded solidly. And we have managed to deliver responsible cost of living relief for every Australian.

A re-elected Albanese Labor Government will deliver:

• 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 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.