Joanne Ryan (Lalor, Australian Labor Party) Share this | Hansard source

Budgets are about priorities, and the budget delivered last night reflects the priorities of this Labor government. Helping with the cost of living is our No. 1 priority, and that's what we delivered yesterday. We know people are doing it tough, and this budget has taken the next steps to ease pressure. It is responsible, it's ambitious and it is strong.

We're delivering more tax cuts for every Australian taxpayer from 1 July this year. This is on top of an extra $250 off working Australians' tax bills permanently, and a $1,000 instant tax deduction. The average worker will benefit by nearly $3,000. In hardworking communities like mine, this budget delivers cheaper medicines, more bulk-billing, cuts to student debt, permanent fee-free TAFE and cheaper child care. Those policies are designed to deliver healthy, long-term outcomes. On the international front, we're building a more resilient economy by securing more fuel for our nation. In this uncertain world, we're preparing Australia for what comes next. We're buying more fuel and refining more fuel at home so we're not as dependent on what happens overseas, and we're keeping more fuel here by requiring gas companies to reserve 20 per cent of their exports for Australia. Labor is focused on helping Australians at home, and I know this will make a significant difference in my community.

On the housing front, the Albanese Labor government's five per cent deposit scheme has already helped 5,764 locals in Lalor buy their first home. We know it's taken years off the time it takes to save, and provided them with stability and a roof over their heads. We've also already delivered rent relief to those doing it tough, with 12,450 people in Lalor accessing Commonwealth rent assistance. This budget builds on those policies to level the playing field for first home buyers. We're reforming negative gearing and capital gains tax so that young families, like those in my community, don't have to give up on their dream of owning their own home. These reforms make our tax system fairer for those looking to buy their first home now and into future generations. We know these decisions are ambitious, but they are absolutely the right thing to do.

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