ANTHONY ALBANESE, PRIME MINISTER: Good morning. Firstly, I once again want to reiterate my congratulations to President Trump on his election victory. Our government will work closely with the new Trump Administration to realise the benefits of what is a very strong economic and security partnership. The United States has long played a leadership role in the stability and security of the Indo-Pacific. And Australia will strive to strengthen the cooperation between our two nations and the region. Australia and the United States are old allies and true friends.

JOURNALIST: Prime Minister, how do you reflect on the results out of the US tonight, and what does it mean for Australians?

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

I’m delighted to be here tonight to celebrate the contribution that the businesses and workers represented in this room make to our national prosperity.

It’s fitting that we are gathered in the magnificent National Gallery - because your organisation has a proud history of looking at the big picture.

You engage with the detail of policy, the here and now.

I congratulate President Trump on his election victory.

The election of the President of the United States is always an important moment for the world, for our region and for Australia.

Our Government will work closely with the new Trump Administration to realise the benefits of our strong economic partnership.

The United States has long played a leadership role in the stability and security of the Indo-Pacific. Australia will strive to strengthen the co-operation between our two nations in the region.

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

I’m proud to be here tonight to celebrate 40 years of Medicare.

Forty years of a great and enduring Australian achievement. 

Forty years since the leadership of Bob Hawke and the determination of Health Minister Neal Blewett paid off.

Universal health care is a proud Labor legacy that all Australians share in – a legacy that will keep changing the lives of Australians long after the last of Medicare’s architects is gone.

AMANDA KELLER, HOST: Well, the Prime Minister has announced – it’s quite extraordinary – to establish Fee-Free TAFE as an enduring feature of our education and training system. And from July 1 next year, the Government will reduce the amount Australians with student debt have to repay per year and raise the threshold at which they have to start repaying. This is big news for students with a HECS debt. Prime Minister, good morning.

PRIME MINISTER: Good morning. Good to be with you.

SABRA LANE, HOST: Mr. Albanese, thanks for talking to AM.

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

LANE: You respect independent economist Chris Richardson?

PRIME MINISTER: I do indeed.

LANE He says the government's announcement on wiping student debt is not smart policy and fails the fairness test, pointing out that those who don't go to university end up earning a third less than those who go to uni in their lifetime. Why is that fair?

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

Two and a half years ago, my colleagues and I asked the people of Australia to trust us with the honour of serving as their Government and to join us in the task of building a better future.

We came to office knowing this was a time of serious and urgent challenges.

Global economic uncertainty.

A worldwide surge in inflation and energy prices.

And Australia’s relationships with our region under strain.

The Albanese Labor Government will introduce legislation to establish Fee-Free TAFE as an enduring feature of the national vocational education and training system, funding 100,000 Fee-Free TAFE places a year from 2027.

This builds on the Albanese Government partnership with states and territories to deliver 180,000 Fee-Free TAFE places in 2023; 300,000 places over three years from 2024; and agreements being finalised for a further 20,000 construction and housing Fee-Free places.

The Albanese Labor Government will cut a further 20 per cent off all student loan debts, wiping around $16 billion in student debt for around three million Australians.

By 1 June next year, the Government will cut 20 per cent off all student loans to reduce the debt burden for Australians with a student loan. 

This will cut around $16 billion in debt, including all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other income-contingent student support loan accounts that exist on 1 June next year.