ANTHONY ALBANESE, PRIME MINISTER: On Tuesday night, my Government will have Jim Chalmers do our fourth Budget this term. Our Budget is about helping family budgets. Labor will take another $150 right off your power bills. Two payments of $75 each for every household. This is cost of living relief when it's needed, right across the country. We can do this because we've made responsible economic decisions, saving debt to the tune of $200 billion over our term in office. We've been setting about fixing the mess that we inherited.

The Albanese Labor Government has now reached agreements with every state and territory to put all public schools in the country on a path to full and fair funding.

The Government promised to work with states and territories to put all schools on a path to full and fair funding as set out in David Gonski’s review. We have now delivered that promise.

As part of these Agreements, the Commonwealth will provide an additional 5 per cent of the Schooling Resource Standard (SRS) to all states and territories, with the exception of the Northern Territory.

The Albanese Government has reached an agreement with the Crisafulli Government to put all state schools in Queensland on a path to full and fair funding.

Today’s agreement means that all public and state schools in the country are on a path to full and fair funding and all jurisdictions in Australia have now signed on to the Better and Fairer Schools Agreement.

As part of the Heads of Agreement signed today, the Commonwealth will provide an additional 5 per cent of the Schooling Resource Standard (SRS) to Queensland.

The Albanese Labor Government will provide another $150 in Energy Bill Relief, extending our energy rebates until the end of 2025.

This responsible cost of living relief measure will help every household and small businesses.

From 1 July 2025, every household and around one million small businesses will see another $150 in rebates automatically applied to their electricity bills in quarterly instalments, on top of the previous rebates already being rolled out to Australian households and small businesses.

ANTHONY ALBANESE, PRIME MINISTER: I'm very proud to be announcing that today we will ensure that the price of medicines is cut even further. I came to office committing to reduce the price of medicines from $42.50 down to $30 that were on the Pharmaceutical Benefits Scheme. What we have announced today is that from 2026, that will be reduced further down to just $25. This is cheaper than at any time since 2004. Making a real difference to cost of living, whilst also putting that downward pressure on inflation. And I also have an important message today.

There is no more important priority than keeping Australians safe.

The Government announced an Independent Intelligence Review in September 2023 to ensure our intelligence agencies are best positioned to continue to serve the Australian national interest.

The Independent Intelligence Review, led by Dr Heather Smith PSM and Richard Maude, has found Australia’s hard working National Intelligence Community is highly capable and performing well.

The unclassified report of the 2024 review has been released today.

GRAEME GOODINGS, HOST: Prime Minister, good morning to you. Thanks for joining us today.

ANTHONY ALBANESE, PRIME MINISTER: Good morning. Good to be with you.

GRAEME GOODINGS, HOST: You phoned us. Obviously you've got some good news.

DAVID LUTTERAL, HOST: Guess who's just called in? The Prime Minister of Australia, Anthony Albanese, no less.

NIKKI OSBORNE, HOST: I've never heard that one before, I must admit.

LUTTERAL: How cool is this? Good morning PM. How are you?

PRIME MINISTER: Good morning. I am very, very well. I'm on my way to the Gold Coast.

I begin by acknowledging the traditional owners of land on which we're meeting, and pay my respect to elders past, present and emerging.

And I thank Trent for the introduction and for the invite to be with you here today with my Minister, Mark Butler, the magnificent Minister for Health, who is doing so much, not just in pharmacy, but about strengthening Medicare, strengthening our hospital system, and putting health at the centre of our agenda, not just for this term, but for future terms in government as well.

The Albanese Labor Government is making cheaper medicines even cheaper – with a script to cost Australians no more than $25 under the Pharmaceutical Benefits Scheme (PBS).

This is another key cost of living measure delivered by the Albanese Government which will continue to put downward pressure on inflation.

Having already slashed the cost of medicines – with the largest cut to the cost of medicines in the history of the PBS in 2023 – we’re now going even further.