CANBERRA, ACT, May 12 -- The Prime Minister of Australia issued the following media release:
The Albanese Labor Government will deliver more cost-of-living relief in this Budget to take pressure off Australians, including a new permanent $250 tax offset for workers.
Together with our existing tax relief, this new round of tax cuts means the average Australian worker could receive a combined benefit of up to $2,816 from 2027-28.
We're helping Australian workers earn more and keep more of what they earn and providing responsible cost-of-living relief where we can.
This Budget delivers more tax cuts for workers, helps with fuel costs, helps more Australians achieve home ownership provides more funding for public hospitals, delivers cheaper medicines and supports higher wages.
New tax cuts to help with the cost-of-living* A new tax cut for every working Australian taxpayer through the $250 Working Australians Tax Offset. This will provide workers with a permanent tax offset of $250 each year from 2027-28.* A $1,000 Instant Tax Deduction for workers from 2026-27, to help with the cost of living and make tax time simpler.* Increasing the Medicare levy low-income thresholds to provide tax relief for over 1 million low-income individuals, families, seniors and pensioners, including 650,000 women.* This is on top of the tax cuts we are already rolling out for every Australian taxpayer, including from 1 July 2026 and again from 1 July 2027.
Helping families and businesses with fuel costs* More than halving the fuel excise and reducing the heavy vehicle road user charge to zero for three months.* Giving consumers a fair go at the bowser by doubling penalties for major breaches of competition and consumer laws to a maximum of $100 million and introducing civil penalties for breaches of the Oil Code of Conduct.* ATO temporary relief for businesses unable to meet their tax obligations due to fuel supply issues.* Ongoing support to encourage the uptake of affordable electric vehicles as we make tax discounts for EVs more sustainable by transitioning to a permanent 25 per cent FBT discount on eligible EVs over $75,000 from 1 April 2027 and for all eligible EVs from 1 April 2029.* The Government has also empowered the Fair Work Commission to make orders to support more timely adjustments to fuel terms in road transport contracts.
More homes and a fair go for first home buyers* Reforming the tax system to support 75,000 more homeowners into the housing market.* $2 billion over four years from 2026-27 for enabling infrastructure to support up to 65,000 more homes, taking our Homes for Australia plan to over $47 billion.* An extension to the ban on foreign investors buying existing homes.* Helping to secure social housing for more than 4,000 eligible young people at risk of homelessness, with $59.4 million over four years from 2026-27 for states and territories.
Making healthcare more affordable and accessible* Making medicines cheaper by listing new and amended medicines on the Pharmaceutical Benefits Scheme including treatments for cystic fibrosis, chronic kidney disease and various cancers, with $5.9 billion provided over five years.* Securing the future of Medicare Urgent Care Clinics, with $1.8 billion over five years and ongoing funding.* Alongside these investments, an additional $25 billion over five years will strengthen public hospitals.
Backing higher wages* Support for higher wages for low-paid workers by recommending an economically sustainable real wages increase for minimum wage and award-reliant workers to the Fair Work Commission.* The Government has backed wage growth for low-paid workers in each of the last four Annual Wage Reviews. Across these reviews, the National Minimum Wage increased by over $9,120 per year.
Helping with the cost-of-living is our top priority as a government and it's one of our highest priorities in the Budget.
We recognise that people are under pressure and we're doing something about it with immediate help in response to the global oil shock, and more permanent support to ease the burden on workers and businesses.
This Budget is about resilience and reform, and taking pressure off Australians is an important part of this agenda.
Disclaimer: Curated by HT Syndication.
