Government is investing $4.7 billion over 4 years from
2022-23 to make early childhood education and care more
affordable for Australian families. The Government's reforms
will mean 96 per cent of families with children in care are
better off and no family is worse off.
2023, Child Care Subsidy rates will increase up to 90 per
cent for eligible families earning less than $530,000.
Families will continue to receive existing higher subsidy
rates of up to 95 per cent for any additional children in
care aged 5 and under.
significant cost of early childhood education and care can
prevent parents, particularly women, from working as much as
they want. It is estimated these reforms will increase the
hours worked by women with young children by up to 1.4
million hours per week in 2023-24. This is equivalent to an
extra 37,000 full‑time workers.
reforms will also support children's learning and
development and their readiness for school.
Expanding Paid Parental Leave
Supporting families, participation and gender
Government is investing $531.6 million over 4 years from
2022-23 to expand the Paid Parental Leave scheme and provide
greater support to families. In 2026, families will be able
to access up to 26 weeks of Paid Parental Leave.
expansion is the biggest reform to the scheme since its
introduction in 2011. It will enhance economic security,
improve gender equality and increase participation and
productivity. It will support parents to spend more time
with their children and share caring responsibilities more
modernised scheme will include reserved 'use it or lose it'
weeks for each parent, to encourage both parents to take
parental leave. Either parent will be able to claim Paid
Parental Leave first and both parents can receive the
payment at the same time as any employer‑funded parental
leave. The reforms also improve flexibility, with parents
able to take leave in blocks as small as a day at a time,
with periods of work in between.
Women's Economic Equality Taskforce will examine the optimal
model for 26 weeks of Paid Parental Leave including the
number of weeks that parents can access at the same time and
the mix of 'use it or lose it' weeks. This will ensure it
delivers the best outcomes for families and encourage more
More Affordable Housing
Working together to fix the housing crisis
is facing acute housing pressures and too many Australians
do not have access to affordable housing. At the same time
Australia has a low level of institutional housing
investment and the world's third largest pool of capital in
our superannuation system which is hungry for investments
that will deliver stable returns over the long term.
A target of one million new homes under a national Housing
Government is bringing states and territories, the
Australian Local Government Association, investors, and
representatives from the construction sector together under
a new national Housing Accord. The Accord sets an
aspirational target of one million new, well-located homes
to be delivered over 5 years from mid‑2024 as capacity
constraints are expected to ease.
Accord, the Government will provide $350 million over 5
years, with ongoing availability payments over the longer
term, to deliver an additional 10,000 affordable dwellings.
States and territories will also support up to an additional
10,000 affordable homes, increasing the dwellings that can
be delivered under the Accord to 20,000.
Planning for the future of Australia's housing
Accord, the Government will develop a National Housing and
Homelessness Plan to set out other actions and longer-term
reforms. The Plan will be developed in close consultation
with the states and territories and other stakeholders.
Investing in social and affordable housing
builds on the Government's $10 billion investment to
establish the Housing Australia Future Fund. Returns from
the Fund will be used to build 30,000 new social and
affordable dwellings over 5 years.
Government is expanding the remit of the National Housing
Infrastructure Facility to allow it to more flexibly use
$575 million of existing funds. This
will help unlock a projected 5,500 new dwellings.
Helping more Australians to realise their dream of home
First Home Buyer Guarantee
Government is helping 10,000 eligible first home buyers a
year in regional Australia to buy a home by guaranteeing up
to 15 per cent of the purchase price.
veterans to purchase a home
Government is committing $46.2 million to expand the Defence
Home Ownership Assistance Scheme. This will support veterans
and Australian Defence Force members to purchase a home
through monthly subsidies on mortgage interest payments.
Help to Buy
to Buy, eligible home buyers will have access to an equity
contribution to buy a home with a smaller deposit and a
older Australians who want to downsize
Government is extending the exemption of home sale proceeds
from pension asset testing by 12 months and is expanding
access to make downsizer contributions to superannuation for
people aged 55 to 59.
Cutting the Cost of Medicines
Maximum cost of PBS general scripts to fall for the
first time in 75 years
The PBS general co‑payment will be lowered to $30
maximum cost to general patients for PBS medications has
doubled since 2000. These high costs meant that close to one
million people delayed or did not fill their medications in
2019-20. Some Australians are having to choose between
filling prescriptions for potentially life‑saving medicines
and providing other essentials for their families.
Budget, the Government is cutting the cost of medicines to
ease cost‑of‑living pressures. From 1 January 2023, the
Government will decrease the maximum co‑payment under the
PBS from $42.50 to $30 per script, a 29 per cent reduction.
Each year, this will save around 3.6 million Australians
more than $190 million in out‑of‑pocket costs.
More cost‑effective medicines
Government is providing an additional $1.4 billion for new
and amended listings on the PBS and other medicines
programs. This will allow greater access to affordable and
life‑saving essential medicines and includes treatments for
various types of cancer and growth hormone deficiency in