Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

The Albanese Labor government has handed down a budget that not only is responsible but addresses the pressing concerns of everyday Australians, providing support and assistance whilst also alleviating the burdens of the cost-of-living crisis we're in at the moment. This budget focuses on supporting all Australians as they navigate through strain on their household budgets, while delivering on the things that are important to our nation. It's a budget that delivers on the environment, a budget that delivers on health and, yes, a budget that delivers on small-business relief while also having a heart, showing social support, but also having economic forethought and responsibility. It's a responsible budget.

This budget reflects our commitment to driving down energy costs, making homes and businesses more efficient and positioning Australia as a global leader in renewable energy. We understand that rising energy prices have burdened households across the nation, and businesses as well. That's why this government is taking decisive action to alleviate pressure and make homes and businesses cheaper to run. By investing more than $1.6 billion in energy-saving upgrades for homes, including social housing, and businesses, we're empowering individuals and communities to reduce their energy bills and contribute to an emissions-free future.

Furthermore, we're establishing a Household Energy Upgrades Fund, which will help finance options for energy upgrades, ensuring that no Australian is left behind. Through our Household Energy Upgrades Fund, with a budget of $1.3 billion, we're providing financial resources for households to embrace energy efficiency. This fund will support upgrades such as solar panels, batteries and heat pumps for hot water systems, enabling homes to become more sustainable and reducing bills.

In New South Wales alone, 1.6 million households will benefit from a $500 rebate to lower their energy bills, with both the Commonwealth and New South Wales governments contributing to this measure. On top of that, we're investing $36.7 million to expand and upgrade the Nationwide House Energy Rating Scheme to apply to existing homes. Many older homes in Australia do not meet modern energy efficiency standards, and it's essential for Australians to have access to information about their homes' energy efficiency. This investment ensures that Australians can make informed choices regarding energy upgrades when renting or purchasing homes, enabling them to save money on energy bills and also reduce their carbon footprint.

Our commitment to renewable energy and its opportunity is unwavering. We believe Australia has the potential to become a renewable energy superpower. That's why we've allocated $2 billion to the Hydrogen Headstart program. We're scaling up the development of Australia's renewable hydrogen industry. This critical investment positions us as a global leader in green hydrogen, attracting clean energy investments from around the world. Our government recognises that the transition to net zero is the most significant change and opportunity since the Industrial Revolution, and, after years of policy inaction, we're investing billions of dollars to make sure that Australia becomes that renewable energy superpower, because we know that, by reducing energy costs, promoting energy efficiency and investing in renewable energy, we're securing a brighter and more sustainable future for generations to come.

Not only will this government make Australia a leader in environmental protection, but we are further strengthening our support of Medicare. Australia has long been recognised as a global leader in healthcare outcomes and equity, surpassing other OECD nations for decades. This budget reflects our unwavering commitment to providing accessible and high-quality healthcare services to every individual, regardless of their postcode or financial circumstances. For far too long, Medicare has endured years of neglect and budget cuts by the Liberals, but Labor built Medicare, and the Albanese government will deliver historic investments to health care in our nation, ensuring that Australians can access doctors and support with their Medicare card, not their credit card.

This budget signifies the single largest increase in bulk-billing incentives in the history of Medicare. We're committed to strengthening the very heart of Medicare, bulk-billing, by investing $3½ billion and providing immediate support to patients and general practice alike. These substantial incentives will triple benefits for the most common consultations, specifically targeting children under 16, pensioners and other Commonwealth concession card holders. These represent about 60 per cent of all presentations to general practice. This means cheaper doctor appointments for about 66,000 individuals in my community of Bennelong.

We're breaking down barriers to healthcare access and making it easier for our communities to seek the medical attention they require not only at the doctor's but also in purchasing their medications. We are making over 300 common medicines more affordable for all Australians. By allowing individuals to purchase two months worth of medicine for the price of one single subscription we're, effectively, halving the cost of up to 300 medicines. It will empower 36,000 members of the public, in Bennelong, to purchase two months worth of medicine for the price of a single subscription. This will save patients up to $180 annually, in the middle of a cost-of-living crisis, but it will also decrease the number of visitors needed to doctors, which will also present a saving.

These savings to the public amount to an astounding $1.6 billion across the nation, enabling Australians to prioritise their health without breaking the bank. The savings to the Commonwealth of around $1.2 billion will be reinvested into community pharmacies, supporting them to enhance the range of services they provide, further benefiting communities, ensuring accessible healthcare services for all. We believe that health care is a fundamental right, and we're all determined to break down the barriers, strengthen outcomes and strengthen access.

Small business is an area close to my heart. I've been running a small business almost my entire life, and I'm proud to be part of a government that sees the potential that small business can bring to our economy. They play a crucial role in driving growth, creating jobs and fostering innovation, and that's why we're so happy to support small business through this budget. We are committed to providing targeted and responsible support to small business, improving the overall business operating environment, whilst also alleviating pressures on energy prices, because we understand the challenges faced by small business. We're taking decisive action to empower them and enable their success.

To stimulate investment and support small business across the country, the government is temporarily increasing the instant asset write-off threshold to $20,000. This will mean that 1.18 million small businesses with a turnover of up to $10 million will be able to instantly write off eligible assets that are first used or installed, ready for use, between 1 July 2023 and 30 June 2024. This measure will provide a much-needed boost to small businesses, allowing them to invest in essential equipment and infrastructure to drive growth and productivity. About 322,000 small businesses in New South Wales will receive an automatic $650 bill rebate from 1 July, alleviating the burden of energy prices and providing much-needed financial relief to small businesses.

In addition to reducing energy costs, we are committed to supporting small and medium businesses in electrifying their operations. It will help improve energy efficiency, it will lower their power bills and, of course, it will reduce emissions. The Small Business Energy Incentive is a temporary, but, importantly, a bonus, 20 per cent tax deduction for eligible investments for small businesses. Businesses will be able to make meaningful savings on their power bills by investing in things like heat pumps, batteries and solar panels, spending up to $100,000 and getting that $20,000 bonus reduction as a maximum.

This budget is not only supporting small businesses, it's not only responsible, but it's a budget with a heart and it's a budget that is providing support to those who need it most. That's why we're increasing working-age and student payments as well as Commonwealth rent assistance. We're increasing rates of JobSeeker payment, youth allowance, parenting payment, Austudy, Abstudy and youth disability support pension, and, a special benefit, these measures will all receive a fortnightly increase. This much-needed boost will provide individuals with the means to meet their basic needs and navigate the challenges of daily life more comfortably.

In our commitment to fostering a more inclusive society, the Albanese government is dedicated to helping low-income households facing rising rental costs. The 15 per cent boost to maximum rates of Commonwealth rent assistance will support 5,925 households in Bennelong and a total of 1.1 million low-income households nationwide. The eligibility for the higher existing rate of JobSeeker will be extended to single Australians aged 55 to 59, ensuring that they receive the support they need for their job search as they transition into new opportunities. To tackle entrenched disadvantage, we'll partner with philanthropists and empower communities. This budget allocates nearly $200 million to this ambitious package, which will bring meaningful and significant reforms in addressing inequality and promoting social mobility.

We will also deliver the biggest expansion to paid parental leave since its introduction in 2011, with a half-a-billion-dollar investment over four years and $619 million annually thereafter. We are progressively scaling up the scheme so parents will receive six months of paid parental leave by 2026.

The budget that was handed down just a few weeks ago is testament to this government's commitment to building a fairer and stronger country and economy. It's a budget that focuses on the fundamental pillars of our society while showing economic restraint and responsibility. This budget is not just a financial document; it's a reflection of Labor values and aspirations, and a commitment to a better future. It's a budget that places the wellbeing of our people, the protection of our environment and the strength of our economy at the forefront. With these measures, we are forging a path towards a more inclusive, sustainable and prosperous Australia.

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