The Albanese Government is making cheaper medicines even cheaper – with legislation being introduced to Parliament this week that will mean a prescription on the Pharmaceutical Benefits Scheme (PBS) will cost Australians no more than $25 from 1 January next year.

The last time PBS medicines cost no more than $25 was 2004 – more than 20 years ago.

This is another key cost of living measure delivered by the Albanese Government.

DAVID SPEERS, HOST: Thanks so much for being with us.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, David.

SPEERS: Can I get your reaction, first up, to Israel's decision, the announcement in the last few hours that it will be allowing more aid through airdrops and convoys back into Gaza. Is it enough?

The situation in Gaza has gone beyond the world’s worst fears.

The position of the Australian Government is clear: every innocent life matters.

Every Israeli. Every Palestinian.

This conflict has stolen far too many innocent lives.

Tens of thousands of civilians are dead, children are starving.

Gaza is in the grip of a humanitarian catastrophe. Israel’s denial of aid and the killing of civilians, including children, seeking access to water and food cannot be defended or ignored.

Millions of Australian workers will have their penalty and overtime rates protected under new legislation introduced to parliament today by the Albanese Labor Government.

Our number one focus is continuing to deliver cost of living relief for the Australian people.

We want people to earn more and keep more of what they earn – this protects that for millions of Australians.

The Fair Work Amendment (Protecting Penalty and Overtime Rates) Bill 2025 will prevent variations to awards that would reduce or remove an employee’s penalty rates or overtime rates.

PATRICIA KARVELAS, HOST: I'm joined now by the Prime Minister, Anthony Albanese, after his first Question Time of the second Parliament that you are the Prime Minister for. How did it go for you?

KYLE SANDILANDS, HOST: Prime Minister's here, everyone. Everyone up off your feet. Prime Minister Anthony Albanese now. Jackie, you're just about to pick him up. I hope he's not angry with me because I was supposed to ring Albo back, but he was in the middle – he was at the G8 summit. Then I was supposed to ring him and then I noticed on the news he was in China. I thought I better not interrupt with my rubbish while he's dealing with the Chinese president.

The Albanese Labor Government is today introducing legislation to cut 20 per cent off all student debts.

This will wipe more than $16 billion in debt for more than three million Australians.

Our number one focus is continuing to deliver cost of living relief for the Australian people.

Cutting student debt by 20 per cent will ease pressure on workers and students across the country.

For someone with the average debt of $27,600 this will see around $5,520 wiped from their outstanding Higher Education Loan Program (HELP) loans.

JOURNALIST: How was the service?

ANTHONY ALBANESE, PRIME MINISTER: It was lovely. And it's a wonderful way to begin the parliamentary year. That is a tradition, which is a fine one.

JOURNALIST: What did you reflect on in the service today?

PRIME MINISTER: To hope for the health and wellbeing of all Australians. Thank you.

JOURNALIST: Are you feeling the pressure to deliver on your agenda?

SARAH FERGUSON, HOST: Prime Minister, welcome to 7:30. 

ANTHONY ALBANESE, PRIME MINISTER: Good to be back in Canberra.
 
FERGUSON: Well, and you're back with a huge majority. You've got a once in a lifetime opportunity to actually change Australia. We're currently watching the UK government squander the majority that they had. How do you avoid the trap on excessive caution?

I begin by acknowledging the traditional owners of the land on which we meet, and pay my respects to Elders past, present and emerging.

I also acknowledge the Leader of the Opposition, and all my colleagues from across the Parliament;

Admiral David Johnston, Chief of the Defence Force;

Brigadier Philip Winter, representing the National President of the RSL;

Sharon Bown, representing the Chair of the Council of the Australian War Memorial;

Matt Anderson, Director of the Australian War Memorial;

Vice Admiral Mark Hammond, Chief of Navy;