Overview

• Prime Minister Anthony Albanese has confirmed the 48th Parliament will begin sitting on July 22, following Labor’s decisive May 3 election win.
• Labor secured at least 93 seats in the House of Representatives, marking the first time since the 1960s that a first-term government increased its majority.
• The opposition remains fractured, with the Liberal and National parties still negotiating whether to reunite after their coalition split over policy differences.
• Labor’s initial legislative agenda includes a one-off 20% reduction in student loan debt and raising the repayment threshold from $54,000 to $67,000 annually.
• A proposed 15% superannuation tax on balances exceeding $3 million, set to begin July 2025, has sparked asset restructuring among wealthy individuals.