Federal Budget 2025 live updates: The winners and losers of Anthony Albanese’s Budget – here’s what you need to know

From July 1, 2026, the 16 per cent tax rate, which applies to taxable income between $18,201 and $45,000, will be reduced to 15 per cent – saving taxpayers up to $268.

And from July 1, 2027, this tax rate will be reduced further to 14 per cent – adding up to $536 to taxpayer’s pockets.

Australia’s tax system is progressive, meaning that all 14 million of the country’s taxpayers will benefit from these cuts.

Households with energy bills:

Everyone in Australia and around one million small businesses will receive two automatic $75 rebates directly off their electricity bills through to December 31, 2025.

Aussies needing prescriptions:

Anthony Albanese announced last week medicines would be cheaper under the Pharmaceutical Benefits Scheme.

New changes mean the total cost of a script will be cut from $31.60 to $25 and remain frozen at $7.70 for pensioners.

The Albanese government has made a $8.5billion promise to overhaul Medicare with bulk-billing incentives.

The Labor government estimate their policy will make nine out of ten visits to the GP free and fully covered by Medicare by 2030 – and 4,800 bulk billing practices across the country by the same deadline.

Dr Chalmers has committed to delivering a $793million women’s health package.

This will see new menopausal hormone therapies added to the PBS after more than 20 years, benefiting 150,000 women each year.

It will also help build 11 more endometriosis and pelvic pain clinics, with the services of all 33 clinics expanded to include specialised support for menopause and perimenopause.

Labor will guarantee eligibility for three days a week of subsidised childcare for every Aussie family earning less than $533,000.

Those wanting to switch jobs:

Dr Chalmers announced there will be a ban on non-complete clauses for workers earning less than $175,000.

This means they will be able to switch to higher-paid jobs or start their own businesses.

A combined $19billion will be wiped from existing student debt.

The Government will also increase the amount that people can earn before they are required to start paying back their loans from $54,435 in 2024–25 to $67,000 in 2025–26.

The government has set aside $2.6billion for further pay rises for 60,000 aged care nurses from March 1.

The government claims these increases will particularly benefit women, who make up 86 per cent of the aged care workforce.

The Albanese Government promised the Budget would confirm the freeze in the excise indexation increases on draught beer for two years.

The measure, which is estimated to cost taxpayers $200million in lost tax revenue, should mean that the price of a schooner remains the same.

The Help to Buy equity scheme, which allows buyers to purchase a home with a deposit as low as 2 per cent, will have salary caps expanded to make it more accessible.

The new funding commitment will increase income caps from $90,000 to $100,000 for individuals and from $120,000 to $160,000 for joint applicants and single parents.

Property price caps will also be linked to the average house price in each state and territory, with the government predicting it will make participants eligible for five million more homes across the country.

Rules around reasonable grounds for eviction will be tightened while there is also a 45 per cent increase in maximum rates of Commonwealth Rent Assistance.

Eligible apprentices in housing construction occupations will receive up to $10,000 in financial incentives over the course of their apprenticeships from 1 July 2025.

The consumer watchdog will get $38.8million to crack down on misleading and deceptive practices by major retailers

The government will reduce spending on consulting and labour hire firms by more than $700million over the next four years

Bosses won’t be able to slap non-compete clauses on employees leaving the workplace as part of a government crackdown

Foreign buyers will be banned for two years from purchasing existing homes in Australia, which will kick in from April

More than $156million will be spent from July to elevate a crack down on the illegal tobacco trade