SALLY SARA, HOST: My guest this morning is the Prime Minister, Anthony Albanese. Prime Minister, welcome back to Radio National Breakfast.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Sally.

SARA: Ahead of the election, Prime Minister, is this going to be a no frills Budget or is this going to be a Budget that focuses on providing Australians with much needed cost of living relief?

MATT ACTON, HOST: The Prime Minister, Anthony Albanese is on. Good morning.

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

ABBY COLEMAN, HOST: Some big budget announcements today.

ROB MITCHELL, MEMBER FOR MCEWEN: It is fantastic again to have the Prime Minister down here. This Prime Minister has been to this seat more than any other Prime Minister before him. And every time he's down, every year he comes down, there's always a positive announcement. It's great to have Catherine King, the Minister, and of course Gabby Williams, our state minister, as well as Basem Abdo, Jared Bell, the Mayor, and of course, Lauren Kathage, the member for Yan Yean. This is a fantastic day for us all to be here.

JULES LUND, HOST: Well, Prime Minister Anthony Albanese. We know why you've called through. You've obviously heard about Fifi being in Beauty and the Beast and you either want to get some tickets or you want to help her out with a bit of a line read. How are you today?

ANTHONY ALBANESE, PRIME MINISTER: Well, I tell you what, I'm not as excited as Lisa was there. That was fantastic. I was hanging on hold there, just cheering for her.

FIFI BOX, HOST: I know. How do you think you'd go with Alphabucks, Prime Minister?

ANTHONY ALBANESE, PRIME MINISTER: Thank you very much for joining us. And I begin by giving a shout out to all those mums and dads and carers who are dropping their young ones off at school this morning for the school drop off right around the country and indeed for them, but most importantly for the young Australians to come, this is a historic day. Today we reach the point for the first time in Australian history where every student, public and private, will be delivered the school funding that they deserve.

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.