Federal budget 2025 | What's in the federal budget: your two-minute wrap

That rate to drop to 14 per cent from July, 1 2027, saving a worker on average earnings an extra $268 in the first year and $536 per year from mid-2027.

As widely expected, energy bill relief is to be extended for a further six months. Every household and eligible small business will receive two quarterly payments of $75 each by the end of the year, and comes in addition to the $300 in power bill payments already made. Retailers also to be prevented from automatically rolling over existing customers to higher cost contracts.

Medicare low-income thresholds to increase to $27,222 for singles and to $45,907 for families. Family threshold for seniors and pensioners to increase to $59,886. Student debts to be reduced 20 per cent, subject to legislation passing. Non-compete clauses to be banned.

The Treasurer is promising an improvement in the jobs market and a slight increase in wages, expected to ease some of the pressures being felt by workers. Unemployment is expected to peak at 4.25 per cent, down slightly on previous estimates, and annual real wages are now expected to grow faster than inflation by 0.5 per cent in 2024-25. Increase to award wages for aged care nurses.

The maximum cost of filling a script covered by the pharmaceutical benefits scheme will be capped at $25, down from $31.60. The budget confirms the recently announced $8.5 billion boost to Medicare which the government claims should see nine out of every 10 GP visits bulk billed by the end of the decade. An additional 50 Medicare urgent care clinics will be funded and an additional $1.8 billion will go to public hospitals across the country.

APS to grow by another 3400 places the next financial year as transition away from contractors continues. APS staffing still below historical levels and now 1.5 per cent of Australia's workforce, lower than the 1.6 per cent level in 2006-07.

MORE BUDGET 2025:

Target of building 1.2 million new homes over five years, including additional $54 million to support modern construction methods to build homes more quickly. Property price and income caps lifted in Help to Buy scheme to help eligible buyers enter housing market with smaller deposits and mortgages. ATO to get extra $5.7 million to help enforce a two-year ban on foreign buyers purchasing existing houses and reduce land banking.

From July 1, eligible new apprentices to receive up to $10,000 in extra incentives spread across the course of their apprenticeships. Eligible employers of apprentices in priority occupations also to receive up to $5000 bonus.