Prime Minister Anthony Albanese has set the stage for the May 12 federal budget, labelling it the "most ambitious" of his leadership as the nation grapples with a new era of "rolling economic crises".
Speaking at the National Press Club on April 2, the Prime Minister argued that Australia must abandon a status quo that no longer serves the public, framing the upcoming fiscal plan as a direct response to a volatile global climate where economic policy and national security are now inextricably linked.
While the Prime Minister acknowledged that shocks like the COVID-19 pandemic and international conflicts have exposed dangerous vulnerabilities in domestic supply chains, he maintained that Australia’s wealth of critical minerals and clean energy resources leave it uniquely positioned to thrive.
However, despite the bold rhetoric, Albanese pointedly cooled expectations regarding a potential 25% levy on gas companies—a move currently championed by the Greens to capture windfall profits.
The Prime Minister warned that such a tax could jeopardise Australia’s reputation as a reliable trade partner, stressing the importance of fulfilling existing international contracts as a "quid pro quo" for regional stability.
In a dual-pronged address, the government also unveiled a suite of gambling reforms aimed at breaking the link between sport and betting for children.
The measures include capping ads during daytime hours and banning betting logos on jerseys.
The reforms stop short of the full Murphy Review recommendations, with Albanese insisting the government must strike a balance between personal freedom and harm reduction.