Labor will form the next parliament of Australia, led by Anthony Albanese who is our 31st Prime Minister.
Mr Albanese is the fourth Labor leader to win government from the opposition since World War II, behind Gough Whitlam, Bob Hawke and Kevin Rudd.
So what does the election result mean for Australians?
Child Care
One of the major policies that Labor has promised is cheaper childcare. Mr Albanese has promised subsidies, lifting the cap to 90 per cent for the first child in care. Child care subsidy rates will also be increased for every family earning less than $530,000, with one child in care. The goal of this initiative is to make it easier for mums, children and working families to get ahead.
Aged Care
In 2021, the Aged Care Royal Commission found that Australia’s system is well behind the rest of the world. In line with recommendations from the Royal Commission, the Labor party will be focusing on improving Aged Care for Australians. Mr Albanese has committed to ensuring that all nursing homes have at least one registered nurse on duty 24/7. This aims to support residents in receiving increased face-to-face care and an improved standard of living.
Climate Change
The new PM has committed Australia to achieve net zero emissions by 2050, with a target of a 43 per cent reduction by 2030. Net-zero means that we are balancing any emissions we produce, by taking an equivalent amount out of the atmosphere.
To achieve this, the Labor party plans to upgrade the electricity grid to cater for more renewable energy, make electric vehicles cheaper, install community batteries and solar banks and modernise steel and aluminium production. If you have your eyes on an electric vehicle, it is expected that you’ll save around $2,000 on a $50,000 electric vehicle.
Lower Taxes
The rising cost of living is another key area of concern for Australians in 2022. In an effort to relieve this stress, the PM has agreed to provide tax relief for more than 9 million Australians through the legislated tax cuts that benefit everyone with incomes above $45,000. Cost of living relief will also be provided to Australians through an increase in the low-and-middle-income tax offset by $420.
Health
Labor has also promised to alleviate the cost of living pressures by cutting the price of medicine on the Pharmaceutical Benefits Scheme by $12.50 to a maximum cost of $30 per script.
Another focus in the area of health is making it easier for Australians to see a Doctor, even during the evenings or on weekends. Albanese has proposed to open 50 GP- led enhanced Medicare urgent care clinics across Australia, offering treatment for injuries such as sprains, broken bones and stitches for cuts.
Housing
The ‘Help to Buy’ scheme is a new policy that will be introduced to support younger Australians in purchasing a home sooner. Help to Buy essentially means that costs are cut by up to 40 per cent with the government providing eligible Australians with equity contributions.
Up to 10,000 Australian home buyers will be eligible for Help to Buy which will mean they benefit from needing a smaller deposit (minimum of 2 per cent), a smaller mortgage and smaller mortgage repayments.
Labor’s plan for a better future
Whether you’re a first home buyer, raising a young family, own a business or heading into retirement, it is important to be aware of how these changes may or may not affect your family.
To view the full list of policies, click here.