'So many promises': When to expect post-vote cost of living relief
Money expert Effie Zahos breaks down the government's promises on tax relief, housing help, and more.
After a landslide win for Prime Minister Anthony Albanese and the Labor party on the weekend, Australians are now waiting for the promised cost-of-living relief to come through.
Finance expert and Money editor Effie Zahos told Today the strength of the government's win should make the passage from promise into law "a lot easier".
"And there were so many promises made. I mean, everything from, you know, your beer tax freeze for two years to, you know, the 1800 Medicare line as well," she said.
READ MORE: World leaders congratulate Albanese following landslide election victory
Tax changes
Zahos pointed to the government's promised no-receipt $1000 tax deduction for work expenses coming on July 1 next year financial year as an "exciting" part of a wave of tax changes.
"It's important to note, and I've said this before, this is a tax deduction, not a refund," she said.
"So how much you get will come down to your tax bracket. So assuming you're on a 30 per cent tax rate, your relief will be $300 there."
Albanese had previously said about six million Australians would benefit, with an average of $205 in tax relief per person.
A small income tax cut on the lowest bracket of $45,000 to $80,201, from 16 per cent to 14 per cent, will be a little longer in the waiting, with the relief to kick in from July 1, 2027.
READ MORE: Who is Ali France, the Labor MP who conquered Peter Dutton?
Housing
In theory, the government's promise of five per cent housing deposits and shared equity loans should come into effect on July 1, Zahos said.
"The shared equity one still is uncertain because they've got to be pushed out through the states as well," she said.
The government has also promised to build 100,000 new homes, and offer apprentice tradies in the construction sector a $10,000 bonus from July 1.
The bonus will be paid in instalments of $2000. Those eligible include bricklayers, electricians, carpenters, and plumbers, who are living away from home.
READ MORE: The contenders to replace Peter Dutton
Childcare and education
Zahos said the government's pledge to slash 20 per cent off student HELP debts before June 1 this year would have been a vote-winner with young people.
The move will knock more than $5000 off the average debt.
And from January 5 next year, parents will be able to take advantage of three days of subsidised childcare.
"It no longer will have an activity test, so you don't need to work to get that," Zahos said.
READ MORE: Dutton hoped to write a chapter in history. He ended up being a footnote
Energy
Energy rebates and a 30 per cent discount on home batteries can be expected from July 1.
But, Zahos warned, they were only temporary measures through to the end of 2025.
"And then the pain will continue," she said.
DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.