Article Summary
Anthony Albanese and the Labor party have formed a government after a landslide victory in the federal election. They have made several policy promises across various sectors, including healthcare, education, and energy. This article outlines when these changes are set to take effect.
What This Means for You
- Starting from 1 June 2025, Labor will cut 20% of all student loan debts, benefiting around three million Australians with HELP, VET Student Loan, Australian Apprenticeship Support Loans, and other income-contingent student support loan accounts.
- Tax cuts are to be introduced in two stages, with an initial reduction in income tax rates from 16% to 15% from 1 July 2026, and a further reduction to 14% from 1 July 2027. These changes will result in additional savings for workers earning above $45,000.
- Starting from the 2026-27 financial year, Australians working from home will be eligible for an instant $1,000 tax deduction for work-related expenses.
- International student visa fees will increase from $1,600 to $2,000 as of 1 July 2022.
- Bulk billing incentives are expected to bring about nationwide changes, with bulk billing for nine out of ten GP visits by 2030.
Original Post
With the federal election now behind us, newly elected Prime Minister Anthony Albanese and the Labor party are set to their promised policy changes across various sectors over the coming years.
Labor secured a majority in the and is currently predicted to hold at least 92 seats. In contrast, their coalition counterpart secured just 40 seats.
The Labor party made numerous sweeping policy promises during the election, notably in healthcare, education, and energy sectors. Let’s explore when these policy promises are due to take effect.
HECS cut
The Albanese government has committed to reducing 20 per cent of all student loan debt, erasing around $16 billion for approximately three million Australians. This includes HELP, VET Student Loan, Australian ApprenticeshipsSupport Loans, and other income-contingent student support loan accounts. When the policy was announced in November, the government pledged to implement it by 1 June 2025, a date that the new Prime Minister confirmed recently.
Tax cuts
As part of their budget announcement, the Albanese government tax cuts for all Australian taxpayers. The legislation for these cuts passed parliament in March, which includes and rate reductions scheduled for 1 July 2026 and 1 July 2027. For workers who earn above $45,000, this progressive reduction in rates will mean further tax savings of $268 in the 2026-27 period and additional savings of $536 from 2027-28.
Working from home tax deduction
The Albanese government has announced a new measure that permits Australians who work from home to claim an immediate $1,000 deduction for “work expenses”. This initiative aims to provide cost of living relief and simplify the taxation process for over 5.7 million taxpayers. According to the government, this tax deduction will become available for the 2026-27 financial year.
International student visa fees
Updates to international student visa fees directly affect Universities Australia and the budget, as announced in April. The cost of obtaining
visas will increase from $1,600 to $2,000 to help fund certain election promises. The new fee amount will apply from 1 July.
Bulk billing
Bulk billing policies resonated with the electorate during the Labor campaign. Key commitments included expanding bulk billing incentives to all Australians and creating a novel incentive plan for clinics that bulk bill every patient. These changes were expected to result in nine out of ten GP visits being bulk-billed by 2030. The alterations to bulk billing incentive programs and the Bulk Billing Practice Incentive Program are scheduled to go live on 1 November.Key Terms
- HECS cut
- Tax cuts
- Working from home tax deduction
- International student visa fees
- Bulk billing
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