When can you expect to benefit from Albanese's election promises?

Following the sweeping victory for Prime Minister Anthony Albanese and the Labor Party over the weekend, Australians are now looking to the government to deliver on a suite of cost-of-living promises aimed at easing financial pressures across the country.

Finance expert and Money editor Effie Zahos told the Today show that the scale of the Labor win should pave the way for campaign commitments to be swiftly translated into policy. "The strength of the government's win should make the passage from promise into law a lot easier," Zahos said. "And there were so many promises made – everything from a two-year beer tax freeze to a new 1800 Medicare line."

Among the most anticipated reforms is a no-receipt $1000 tax deduction for work-related expenses, set to roll out on July 1 next financial year. Zahos described the measure as an "exciting" step in a broader tax overhaul, but she also offered a word of caution: "This is a tax deduction, not a refund. So how much you get will come down to your tax bracket. Assuming you're on a 30 per cent tax rate, your relief will be $300."

The Albanese government estimates around six million Australians will benefit, with average savings of $205 per person. However, a broader income tax cut for those earning between $45,000 and $80,201 – reducing the rate from 16 per cent to 14 per cent – won't take effect until July 1, 2027.

Housing and Construction Promises

On the housing front, the government has committed to enabling five per cent deposits for home buyers and offering shared equity loans, starting July 1. However, Zahos noted that implementation could vary. "The shared equity one still is uncertain because they've got to be pushed out through the states as well," she said.

Additional measures include the construction of 100,000 new homes and a $10,000 bonus for apprentice tradies such as bricklayers, electricians, carpenters, and plumbers living away from home. The bonus will be distributed in $2000 instalments beginning in the new financial year.

Support for Students and Parents

In a bid to appeal to younger voters, the government has pledged to cut 20 per cent off student HELP debts before June 1. The move is expected to reduce the average student loan by more than $5000. 

From January 5, 2026, parents will be entitled to three days of subsidised childcare per week – a policy that removes the activity test, meaning employment will no longer be a requirement for access.

Energy Relief on the Horizon

Households can also expect temporary relief on energy costs, with rebates and a 30 per cent discount on home batteries starting from July 1. But Zahos warned these benefits will expire by the end of 2025. "And then the pain will continue," she said, hinting at the ongoing challenges Australians face despite the short-term reprieve.

With expectations high and timelines tight, all eyes are now on the Albanese government to turn its electoral promises into tangible support for everyday Australians.

Image: ABC News