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Anthony Albanese promises millions of Australians huge tax cuts

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By Stephen Johnson, Nic White and Charlie Moore for Daily Mail Australia

Help for first home buyers

Labor is introducing a ‘Help to Buy’ scheme where the government takes a 40 percent stake in up to 10,000 homes a year to help those with incomes under $90,000 move up the real estate ladder.

Mr Albanese will also establish a $10 billion Housing Australia Future Fund to build 30,000 new social and affordable housing in the first five years.

Childcare changes

One of Labor’s key policies is to increase childcare subsidies for all families earning less than $530,000.

“We can write universal childcare in that proud tradition,” Mr Albanese told supporters.

Mr Albanese would remove a cap that prevents families earning more than $189,390 from receiving more than $10,560 a year in grants.

A $189,390 family using childcare five days a week would instead receive $21,608 in subsidies, more than double the current allowance.

Lower-income families would also benefit from higher subsidies. For example, a family that takes home $80,000 per year will receive an additional $2,389 per year for full-time care.

Labor will also launch a review to provide a 90 percent universal childcare allowance.

Tax Cuts

Labor will implement the third-stage income tax cuts in 2024, which will yield a flat rate of 30 percent between $45,000 and $200,000.

The move will primarily benefit those earning more than $120,000, who are still taxed at 37 percent.

Labor dropped its 2019 policy to ban negative gearing, a major tax incentive for real estate investors that economists say is pushing up house prices.

Mr Albanese spoke of Labor as the party of opportunity and in his speech used the language of self-improvement over class struggle.

“But nobody held back either: of course we should always support aspiration and opportunity,” he said.

Education

Labor will provide 465,000 free TAFE places and 20,000 additional university places under a $1.2 billion plan.

The free TAFE places are for courses in skills-deficient industries such as commerce and construction, resources, digital and cybersecurity, new energy, and advanced manufacturing.

Labor has no plans to cut tuition fees after the coalition raises prices for humanities courses.

Access to GPs

Mr. Albanese has pledged to build 50 first aid clinics across the country.

The clinics treat non-life-threatening injuries such as broken bones, minor burns, cuts and animal stings and are open from 8 a.m. to 10 p.m. every day.

He also pledged to spend $750 million over four years to improve access to primary care physicians, including after hours.

Labor will increase government subsidies for drugs in the Pharmaceutical Benefits Program by lowering the maximum cost to the patient from $42.50 to $30 per script.

Defense and borders

Labor backs the AUKUS alliance and provides nuclear-powered submarines to counter China’s rise.

Labor supports boat rollback and offshore processing but would scrap temporary protection visas. This would allow thousands of refugees already living in Australia to remain permanently.

The coalition argued that such a move would encourage people smugglers to send boats here again.

Climate change

Labor is aiming for net-zero emissions by 2050 with a target of 43 percent reduction by 2030 – more than the coalition’s 26-28 percent.

Together we can capitalize on the opportunity for Australia to become a renewable energy superpower,” stated Mr Albanian in his victory speech.

Labor will spend $20 billion to upgrade the power grid to improve transmission, roll out 85 tanning beds and 400 community batteries and invest in 10,000 “new energy learners” in addition to a $10 million new energy skills program.

Mr Albanese said the plan would enable cheaper renewables to supply 82 percent of electricity by 2030.

The plan is expected to create 604,000 jobs and reduce average household energy prices by $275 per year by 2025 and $378 by 2035.

The new Labor government will also spend $3 billion on renewable energy production and deploying low-emission technologies — as well as doing away with taxes on electric cars to make them cheaper.

Changes in aged care

Mr Albanese outlined plans to improve care for the elderly after a Royal Commission reported shocking cases of neglect.

Labor sparked controversy by announcing that from July 2023, a year before the Commission recommended, aged care facilities would be required to have a nurse on site 24 hours a day, seven days a week.

The ALP will also file a petition with the Fair Work Commission to support a pay increase for aged care workers.

“Together we can solve the crisis in the elderly care,” said Mr Albanese.

Anthony Albanese has vowed to pass a law that will force companies to disclose how much they will pay men and women if he becomes prime minister.

production

Labor will establish a $15 billion National Reconstruction Fund to fund major manufacturing projects across the country.

The fund will provide loans, guarantees and equity to support projects in the areas of resources, transportation, agriculture, medicine, energy and defense.

Labor said the policy would “secure high-paying jobs, boost regional development and invest in our national sovereign capacity, broadening and diversifying the Australian economy”.

Trains, trams and ferries will be made in Australia rather than abroad and a high-speed rail line will be built between Sydney and Newcastle.

Corruption watchdog

Labor will set up a federal integrity commission that Morrison’s government promised in 2019 and subsequently failed to deliver.

The coalition’s proposed model cannot investigate its own independent investigations, public inquiries or past scandals, but Labor would be able to do all of these things.

Industrial Relations

Labor will implement a series of industrial relations reforms to redefine temporary work and give Australians more chances of finding permanent employment.

In March 2021, the government first defined temporary work as a situation where an employee “has no firm commitment to continue and work indefinitely on an agreed work pattern.”

But Labor will change this, so employment status is determined by workers’ shifts.

If an employee has regular shifts for a period of time, they are permanent and not incidental, such as a miner with a fixed 12-month roster.

Mr Albanian will improve the rights of so-called gig workers such as Uber drivers and Deliveroo drivers.

Labor will extend the Fair Work Commission’s powers to include ’employee-like’ forms of work, meaning they should receive a minimum wage.

The ALP will also introduce new laws to ensure that workers doing the same work are paid the same if they are employed directly or through employment agencies.

And pay confidentiality clauses in employment contracts that are intended to stop employees from talking about their pay package will be banned.

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