What Anthony Albanese has promised to Australia as our next prime minister
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Loading... - Zoey Barbeau
- 25 May 2022
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As congratulations pour in for prime minister elect Anthony Albanese, many are turning their minds to what a Labor-led government will mean for the country.
In his victory speech on Saturday night, Albanese, who will soon become the nation’s 31st prime minister, said he was humbled by the win and promised a more united Australia.
“No matter how you voted ... the government I lead will respect every one of you every day,” he told the crowd.
“We can have an even better future if we seize the opportunities that are right there in front of us.”
So what will Australia look like under a new government? Here are some of the key policies Labor has promised.
Cost of living
The cost of living - intensified by soaring inflation and rising interest rates, as well as global challenges from the pandemic and Russia’s war in Ukraine - fast became one of the key election issues.
Minimum wage
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Albanese says Labor will get wages moving to keep up with inflation, including backing a 5.1 per cent rise in the minimum wage if it’s recommended by the Fair Work Commission.
Tax cuts
So-called stage 3 tax cuts, legislated under the previous government, are locked in.
Costing around $19 billion a year, the 32.5 per cent marginal tax rate will be cut to 30 per cent (from July 2024) for everyone earning between $45,000 and $200,000 - effectively making one big tax bracket.
It means a potential gain of $1,125 per year for an individual on $90,000, rising to $9,075 per year for a person on $200,000 or more.
Medicine costs
Albanese said he would match a measure promised by outgoing PM Scott Morrison which looks to expand eligibility for the Commonwealth Seniors Health Card.
This means 50,000 more older Australians will have access to cheaper medications and health care, as well as be entitled to some state, territory and local government savings, such as discounted rates, electricity and gas bills, and public transport.
Education
Labor’s $1.2 billion investment will see additional places at universities and free TAFE courses.
One year of free broadband will also be given to 30,000 families who don’t have access to the internet at home.
Early childhood
Under a Labor government, Albanese said providing cheaper childcare would boost participation and productivity in the workforce.
University and TAFE
Labor has promised that universities will get $480 million to deliver up to 20,000 extra places over two years.
It has also vowed to boost teacher numbers by paying 5000 students with an ATAR of 80 or higher $10,000 a year to study teaching, and an additional $2000 if they move to a regional or rural area.
As for TAFE, Labor pledged to spend $621 million over four years to cover the cost of 465,000 places in an effort to address Australia’s skills shortage.
In addition, a $50 million TAFE Technology Fund is set to be established to improve facilities across the country, and $100 million will be invested to create 10,000 new energy apprenticeships. Read More...
