Overview

• The Albanese government has announced $17.1 billion in tax cuts, targeting middle-income earners, with reductions to the lowest tax bracket starting in July 2026.
• The budget allocates $8.5 billion to Medicare, expanding bulk billing and improving healthcare access for Australians.
• A $27.6 billion deficit is projected for 2024-25, marking a shift back to deficits after two years of surpluses, with larger deficits expected in subsequent years.
• Measures to address global economic risks include $3 billion for green metals and a 'Buy Australian' campaign, aimed at bolstering local industries against potential U.S. tariffs.
• The budget also includes $1.8 billion in energy rebates, a 20% reduction in student debt for three million Australians, and a freeze on draught beer excise taxes for two years.