Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

We know the cost of living is front of mind for many Australians, and that's why it has been front and centre in every budget we have delivered. The second-term Albanese Labor government will continue to provide support to Australians under pressure. The very first piece of legislation introduced into this parliament is one to cut student debt by 20 per cent. This will save around three million Australians an average of $5½ thousand each. We are introducing a new $1,000 instant tax deduction. From 1 January, no Australian will pay more than $25 per script for a medicine on the PBS. For pensioners and concession card holders, the price of a script will be frozen at $7.70 until 2030. We are not only providing immediate cost-of-living relief; we are also driving a productivity agenda led by the Treasurer, with a goal to drive economic growth, boost productivity, strengthen the budget and secure the resilience of our economy in uncertain times.