The Labor Party, led by Prime Minister Anthony Albanese, has announced new tax reductions in anticipation of the general election, set to occur before May 17th.
In an interview with Triple M radio on Thursday, Albanese stated, “It will happen in May, that’s for sure, and it will be soon. The public is ready to move forward,” while confirming he wouldn’t be making the announcement that day.
The Sydney Morning Herald and The Australian have reported that Albanese is set to visit Governor-General Sam Mostyn in Canberra this Friday, to officially initiate the election process.
It is necessary for Albanese to obtain Mostyn’s approval, who represents Australia’s head of state, King Charles, to dissolve the parliament and initiate the election.
The Australian suggests the vote is likely to take place on May 3, though this has not been confirmed by Albanese’s office.
Prime Minister Anthony Albanese is expected to announce the federal election tomorrow, ending speculation about the exact date. Multiple government sources have confirmed that Albanese plans to visit Governor-General Sam Mostyn’s residence in Canberra tomorrow to formally… pic.twitter.com/aVD11WCABA
— 7NEWS Australia (@7NewsAustralia) March 27, 2025
In lead-up to the elections, the Labor Party has introduced a range of policies aimed at addressing voter concerns over the high cost of living.
In Tuesday’s federal budget, the government unveiled two additional rounds of tax cuts totaling 17.1 billion Australian dollars ($10.7bn), with individuals earning average income set to receive a 268-AUD ($170) tax cut by the end of the fiscal year ending in June 2027, and a 536-AUD ($338) cut in the year thereafter.
Despite being a positive development, the latest cuts remain less significant than the 1,654-AUD ($1,044) tax relief provided in the current fiscal year.
During his pre-election commitments, Peter Dutton, the leader of the Opposition Liberal-National coalition, promised to halve the fuel excise tax, characterizing it as “real, immediate relief” that could save car-owning families up to 750 Australian dollars ($473) annually.
Should the coalition win the election, Dutton pledged to reduce the fuel excise tax on his first day in office, with the decrease set to last for 12 months.
