The Albanese government will hand down the final budget of its first term this week, just weeks out from the imminent federal election.
Most of the key elements of the budget have already been released, including an energy rebate of $150 for households and small businesses and an $8.5 million boost to Medicare to increase bulk-billing incentives to make seeing the GP cheaper. There is also the $573.3 million women’s health funding package that was announced last month and a $689 million commitment to reduce the maximum cost of PBS listed medicines, from $31.60 to $25.
So what else can we expect come Tuesday night?
Labor has already said it wants to make its Help to Buy scheme available to more people, including those on higher incomes. It will also raise the price caps on properties for the scheme.
The Albanese government has promised it would wipe student debt by 20 per cent if it is re-elected. It has also committed to guaranteeing a minimum of three days of subsidised child care for every child regardless of how much their parents work or study.
In response to US tariffs on Australian steel and aluminum, Prime Minister Anthony Albanese has also indicated the budget will provide support for its Buy Australian campaign.
Initial estimates by Treasury show a $1.2 billion hit to GDP from the impact and recovery from Cyclone Alfred. Treasurer Jim Chalmers is expected to outline the economic costs of the cyclone on Tuesday.
What is the Coalition offering?
Opposition leader Peter Dutton will deliver a budget reply speech on Thursday, two days after Labor hands down its budget.
Over the weekend, the Coalition promised to match the government’s energy bill announcement if it wins the election. While it has previously promised to match Labor’s $8.5 million Medicare funding.
Another of the Coalition’s signature policies this election is to extend the life of old coal plants and build seven publicly-funded nuclear plants for more than $300 billion.The first of these nuclear plants would not come into operation until the 2040s, experts say.
Dutton has also pledged to cut thousands of jobs in the public service, while enforcing public servants return to work in the office five days per week. Shadow Treasurer Angus Taylor recently said that about 36,000 jobs could be cut.
What are the Greens offering?
As we head towards the election, polling consistently shows the chances of a minority government are high. That means the Greens could have a large influence on policy in a hung parliament scenario.
The Greens have already announced a range of signature policies ahead of the election, including ideas relating to getting dental and mental health care into Medicare, increasing taxes for big corporations and billionaires, phasing out tax incentives for property investors like negative gearing and capital gains tax discount, and providing free public abortion care and contraceptives for women. Last week, the Greens said they would support a national four-day work week test case through the Fair Work Commission and establish a National Institute for the Four Day Work Week.
What will appeal to women?
With cost of living top of mind, women will welcome measures like energy rebates and cheaper medicines, and many women will benefit from the Albanese government’s women’s health funding package that includes better access to contraception, menopause therapies, and treatment for uncomplicated UTIs.
Cheaper and more accessible early childhood education care will also support women and parents to stay in the workforce and work more hours, protecting their financial futures.
Advocacy groups like the YWCA Australia are calling for more gender-responsive social and affordable housing that prioritises the needs of women and gender-diverse people. As we know, older women make up the fastest growing group of people experiencing homelessess, while entering the property market is out of reach for most young women.
While the government has taken some good steps on gendered violence over the past three years, increased funding and focus on the family and sexual violence crisis, including how it impacts Aboriginal and Torres Strait Islander women and children, would be welcomed in this budget.
Support for women in small business and entrepreneurship is greatly needed, after recent statistics showed the stark lack of funding going to female-led startups in Australia. Almost all startup capital raised in Australia went to startups with male founders in 2024.
There have also been concerns from advocates over the past 12 months about changes and cuts to the National Disability Insurance scheme. Advocates are calling for clarity and more funding so the needs of carers and people with disability can be met.
Finally, as the influence of Donald Trump and the far-right continues to grow globally, women will be looking at this budget and election for the ways the next Australian government will protect their rights and freedoms.
Whether it’s healthcare, their position in the workforce, or family life, Australian women need to know that our government will have their back.