Prime Minister Anthony Albanese and the Labor Party have commenced their term after a significant victory in the federal election, securing a majority with at least 92 seats compared to the Coalition's 40. Throughout the election campaign, Labor made a series of policy promises across various sectors including health care, education, and energy, with specific timelines for implementation.

One of the notable proposals is the reduction of 20 percent in student loan debts under the Higher Education Loan Program (HELP) and other related schemes.

This initiative aims to alleviate around $16 billion in debt impacting approximately three million Australians and is scheduled to take effect by 1 June 2025.

In terms of tax relief, the Albanese government has outlined income tax cuts affecting all taxpayers.

The legislative measures for these cuts were passed in March.

The changes will unfold in phases, beginning on 1 July 2026 with a reduction of the income tax rate from 16 percent to 15 percent, followed by a further cut to 14 percent beginning on 1 July 2027. For workers earning above $45,000, this will provide incremental savings of $268 in the 2026-27 financial year and an additional $536 from 2027-28 onward.

For Australians working remotely, the government has proposed an instant tax deduction of $1,000 to cover work-related expenses, slated to commence in the 2026-27 financial year.

Albanese's administration claims that this initiative will streamline tax processes for approximately 5.7 million taxpayers and provide ongoing relief amid rising living costs.

In a move to fund other election promises, the government announced an increase in international student visa fees from $1,600 to $2,000, effective from 1 July.

This fee hike is expected to generate an estimated $760 million over the budget estimates period.

The expansion of bulk-billing is a cornerstone of Labor's health policy reforms.

The government has assured that the bulk-billing incentive will be extended to all Australians, paired with a new incentive payment for general practices that bulk bill all patients.

These reforms are expected to result in nine out of ten general practitioner (GP) visits being bulk billed by 2030, with related changes anticipated to take effect on 1 November.

Additionally, the government plans to reduce the cost of solar battery storage for households and small businesses through the Cheaper Home Batteries Program, which aims to lower installation costs by 30 percent, effective from 1 July.

Moreover, in February, legislation was passed to subsidize childcare for families earning between $50,000 and $100,000, projected to save these families an average of $1,460 annually.

This reform will eliminate activity tests, allowing parents access to childcare subsidies without the requirement to work or study, with implementation set for January 2026.