Albanese is back. Here’s what it means for your money + career.

Unless you’ve been living under a rock, or avoiding the news (same thing), you’d know the 2025 Australian federal election wrapped up this month, and yep, Anthony Albanese is back for a second term as Prime Minister.

So what does that actually mean for you?

I’ve rounded up 5 key updates from the Albanese government that are likely to shape your work, life, and money in the coming years.

Let’s break it down:

1. You’ll keep more of your pay (Tax cuts)

Starting July 2026, you’ll get to keep more of what you earn. The government’s new tax cuts are expected to save you $268 in the first year, and then $536 every year after that.

On top of that, you can claim a $1,000 deduction for work-related expenses like laptops, uniforms, or travel. Think of it as a small treat from the tax office.

2. Fairer work rules

If you earn under $175,000, those stupid non-compete clauses you see on your employment contracts? GONE.

Your employer cannot stop you from taking a similar job elsewhere (rightly so).

Also, wage-fixing deals between companies, where they secretly agree to keep salaries low or avoid hiring each other’s employees, are getting banned. Overall, the job market is expected to take a step closer towards being more open and fair.

Bonus win: If you work late nights or weekends, penalty rates should stay protected, so yes, you’d still get paid extra for those antisocial hours.

3. More jobs in renewables (and maybe permanent residency opportunities)

Australia’s aiming to get 82% of its electricity from renewables (solar, wind, hydro) by 2030. This push is expected to create thousands of jobs in areas like engineering, IT, cybersecurity, and sustainability.

These roles could soon land on the Skilled Occupation List, making it easier for you to get a job and potentially apply for permanent residency.

Also, starting July 2025, you could get a 30% discount if you install solar panels and home batteries. Ok so now all we need is… you know, a house to put them on.

4. Easier path to buying a home

Housing’s always a hot topic. The government has promised to put $10 billion into building 100,000 homes for first-time buyers. That technically should impact the demand supply mechanics, no matter how little.

From January 2026, you’ll also only need a 5% deposit to buy one of these homes. The government has promised to cover the rest of the usual 20%.

These homes are expected to be ready by 2027 (Lol. Okay.) But still, if homeownership is on your bingo card, this could be a solid opportunity.

5. Migration is slowing down

Australia expects to welcome 260,000 new migrants, a drop from previous years. While they haven’t decided to set a limit on the number of students, but they’re still making changes to reduce migration.

Another yep, from 2025-2026, applying for a student visa will go up by $400, so studying in Australia is about to get pricier.

So why should you care?

Whether you're studying, job hunting, or settling here long-term, this stuff directly affects your life. Even if you're not a political junkie, knowing this stuff helps you navigate jobs, preps you for better choices, and makes you look smarter (which is always a good flex).

No, there’s no such thing as being apolitical. But there is such a thing as being under-informed, and we don’t do that here.