Growing our Economy

Our careful economic management helps Australians with the cost of living today, at the same time as we set our country up for the future.

✅Achieved

Already achieved:
In its first term, the Albanese Labor Government:

Back to back surpluses.
Labor has delivered the largest consecutive surpluses in Australia’s history, helping fight inflation and reduce debt.
Bringing down inflation.
Inflation is now less than half of what it was when Labor was elected.
When we came to government, inflation was rising and real wages were falling. We made a choice to turn things around without leaving people behind.
Cost of living relief.
Labor has provided tax cuts, energy bill relief, cheaper medicines student debt relief and more, to help Australians with the cost of living.
1 million jobs.
More than 1 million jobs have been created under the Albanese Labor Government – the most ever in a single term of government.
Strengthening trade.
We’re supporting small businesses and opening Australia up to new markets for our world-class exports and creating more well-paying, secure jobs at home.
Supporting parents.
Labor is providing more support, more financial security and more flexibility for parents. That’s why we’re extending paid parental leave to six months.

Just announced:
A re-elected Albanese Labor Government will:

Deliver a tax cut for all 14 million Australian taxpayers, on top of our tax relief that's already rolling out.
Provide an additional $150 in Energy Bill Relief for every Australian household and about one million small businesses.
Deliver the biggest ever boost to Medicare with an additional 18 million bulk billed GP visits every year so Australians can see a bulk billing GP.
Make cheaper medicines even cheaper -
with a script to cost Australians no more than than $25 under the PBS.
Cut student debt by 20%, raise the repayment threshold and lower repayment rates.