Labor has won a second term of government.
Current projections suggest it has increased its majority in the House of Representatives by at least 10 seats.
So what were Labor’s election promises? Here’s what we know.
Student debts
Labor promised to reduce student debts by 20% ahead of the next financial year, which begins on 1 July.
Under this legislation, a $30,000 HECS debt would be reduced to $24,000.
The Government also plans to increase the minimum repayment threshold from $51,500 to $67,000 in the 2025/26 financial year.
Speaking to reporters on Monday, Prime Minister Anthony Albanese confirmed the 20% cut will be the first bill Labor introduces to Parliament.
Cost of living
The election campaign was largely fought over cost of living measures.
Labor’s signature measure is a plan to cut taxes for every taxpayer. From July 2026, the lowest tax rate ($18,201 – $45,000) will be reduced from 16 cents per dollar to 15 cents, and from July 2027 it will be reduced further to 14 cents.
Labor already passed this legislation days before calling the election (but it was going to be repealed if the Coalition won).
Labor also promised to introduce a $1,000 work expenses tax deduction from July 2026.
This will mean for workers claiming less than $1,000 in work expenses, they can just ‘tick a box’ instead of gathering receipts to prove work costs. Those claiming more than $1,000 can still do so in the normal way.
The Government’s power bill rebate extension is also due to take effect from July.
$150 in energy bill discounts will be automatically applied until the end of the year ($75 per quarter).
Housing
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During the election campaign, Labor unveiled two plans to boost the number of people buying their first home.
The first plan was to expand the existing ‘Home Guarantee Scheme’ to all first home buyers, enabling them to put down a 5% deposit for a property. The scheme currently has a cap on the number of eligible people.
Second, it pledged to build 100,000 new homes set aside for first-time buyers, through programs with state and territory governments.
Health
Labor plans to boost the number doctor visits that are fully covered by Medicare, by giving extra bonuses to GPs who bulk bill their patients.
The $8.5 billion plan is aimed at boosting the number of fully bulk-billed visits to 90% by 2030.
The Government also promised to cut the cost of medicines subsidised under the Pharmaceutical Benefits Scheme (PBS) from $31.60 to $25 from January.
The Coalition matched both pledges, which are expected to come into effect with wide support across Parliament.
Other
The Government plans to expand the number of fee-free TAFE places, locking in 100,000 free spots a year from 2027.
It also plans to increase international student visa fees from $1,600 to $2,000, starting on 1 July.
Labor has also changed its approach to overhauling the federal environment laws.
Albanese said he would revisit the laws in the next term of Parliament, confirming it would be a different model to the proposal pitched in the previous term.
Next Parliament
Albanese has headed back to Canberra. His new government is expected to be sworn in soon.
Labor MPs and Senators are expected to meet in Canberra either late this week or next week.
Counting in some seats across the country is continuing, meaning the official results are not yet confirmed.
This includes assistant minister for climate change Josh Wilson in Fremantle, and defence envoy Luke Gosling in the Darwin seat of Solomon.
