Anthony Albanese promises millions of Australians huge tax cuts

By Stephen Johnson, Nic White, and Charlie Moore for Daily Mail Australia 

Help for first home buyers

Labor will introduce a ‘Help to Buy’ scheme where the government would take a 40 per cent stake in up to 10,000 homes a year to help people earning less than $90,000 on to the property ladder.

Mr Albanese will also create a $10 billion Housing Australia Future Fund to build 30,000 new social and affordable housing properties in its first five years.

Childcare changes

One of Labor’s most significant policies is to increase childcare subsidies for all families earning less than $530,000.

‘We can write universal childcare into that proud tradition,’ Mr Albanese told supporters.

Mr Albanese would remove a cap that prevents families earning more than $189,390 from receiving more than $10,560 a year in subsidies.

A family on $189,390 that uses childcare five days a week would instead get $21,608 in subsidies, more than double the current allowance.

Lower income families would also benefit from increased subsidies. For example, a family taking home $80,000 a year would get an extra $2,389 a year for full-time care.

Labor will also launch a review into providing a 90 per cent universal childcare subsidy.

Tax Cuts

Labor will implement the stage-three income tax cuts in 2024, which will create a flat rate of 30 per cent between $45,000 and $200,000.

The move mostly benefits those earning more than $120,000, who are now still taxed at 37 per cent.

Labor dropped its 2019 policy to ban negative gearing, a major tax bonus for property investors which economists say pushes up house prices.

Mr Albanese talked about Labor as the party of opportunity, using the language of self improvement over class warfare in his speech.

‘But also no one held back: of course, we should always support aspiration and opportunity,’ he said.


Labor will provide 465,000 free TAFE places and 20,000 extra university places under a $1.2 billion plan.

The free TAFE places will be for courses in industries with a skills shortages such as trades and construction, resources, digital and cyber security, new energy, and advanced manufacturing.

Labor has no plans to reduce university fees after the Coalition hiked prices for humanities courses.  

Access to GPs

Mr Albanese has pledged to build 50 first-aid clinics across the country.

The clinics will treat non-life threatening injuries such as broken bones, minor burns, cuts and animal stings and be open every day between 8am to 10pm.

He also promised to spend $750 million over four years to improve access to GPs including outside business hours.

Labor will increase government subsidies for medicines on the Pharmaceutical Benefits Scheme by reducing the maximum cost for the patient from $42.50 to $30 per script.

Defence and borders

Labor is backing the AUKUS alliance and obtaining nuclear-powered submarines to counter the rise of China.

Labor supports boat turn-backs and offshore processing but would scrap temporary protection visas. This would allow thousands of refugees already living in Australia to stay permanently.

The Coalition argued such a move would encourage people smugglers to start sending boats here again.

Climate change

Labor is committed to net zero emissions by 2050 with a target of 43 per cent reduction by 2030 – more than the Coalition’s 26-28 per cent.

Together, we can take advantage of the opportunity for Australia to be a renewable energy superpower,’ Mr Albanese declared in his victory speech.

Labor will spend $20 billion to upgrade the electricity grid to improve transmission, roll out 85 solar banks and 400 community batteries and invest in 10,000 ‘new energy apprentices’ alongside a $10 million new energy skills program.

Mr Albanese said the plan would allow cheaper renewable sources to supply 82 per cent of electricity by 2030.

The plan is projected to create 604,000 jobs and slash average household energy prices by $275 a year by 2025 and $378 by 2035.

The new Labor government will also spend $3 billion on renewables manufacturing and deploying low-emissions technologies – as well as remove taxes on electric cars to make them cheaper.

Aged care changes

Mr Albanese outlined plans to improve aged care after a Royal Commission reported shocking incidences of neglect.

Labor sparked controversy by announcing it would require aged care homes to have a nurse on site 24 hours a day, seven days a week, from July 2023, a year before the Commission recommended.

The ALP will also make a submission to the Fair Work Commission to support a pay rise for aged care workers.

‘Together, we can fix the crisis in aged care,’ Mr Albanese said.

Anthony Albanese has vowed to introduce a law forcing companies to reveal how much they pay men and women if he becomes prime minister.


Labor will set up a $15 billion National Reconstruction Fund to fund major manufacturing projects across the nation.

The fund will provide loans, guarantees and equity to support projects in resources, transport, agriculture, medicine, energy, and defence.

Labor said the policy would ‘secure well-paid jobs, drive regional development, and invest in our national sovereign capability, broadening and diversifying Australia’s economy’.

Trains, trams, and ferries will be made in Australia instead of overseas and a fast rail line between Sydney and Newcastle will be built.

Corruption watchdog

Labor will set up a federal integrity commission which the Morrison Government promised in 2019 then failed to deliver.

The Coalition’s proposed model cannot hold its own independent inquiries, public inquiries or investigate past scandals but Labor’s would be able to do all these things.

Industrial Relations

Labor will implement a series of industrial relations reforms to re-define casual work and give Australians more chance at securing permanent jobs.

In March 2021 the government defined casual work for the first time as a situation where a worker has ‘no firm advance commitment to continuing and indefinite work according to an agreed pattern of work’.

But Labor will change this so employment status is determined by workers’ shift patterns.

If an employee has regular shifts for a defined time period then they would be permanent not casual, such as a coal miner who has a 12 month fixed roster.

Mr Albanese will improve the rights of so-called gig workers such as Uber drivers and Deliveroo drivers.

Labor will extend the powers of the Fair Work Commission to include ’employee-like’ forms of work, meaning they would need to receive minimum wage.

The ALP will also bring in new laws to make sure workers who do the same job are paid the same if they are employed directly or through labour hire firms.

And pay secrecy clauses in employment contracts designed to stop workers talking about their pay-packets will be banned.