New families and prospective parents are big winners in Labor's first federal budget in nearly a decade, with major boosts to parental leave and childcare.

Paid parental leave will be expanded by six weeks through to 2026-27, with two more weeks being added in each financial year – from 20 in 2023-24 to 26 in 2023-27.

Both parents will be able to share the leave, and from July 2023, they can even split it day-by-day.

WINNERS AND LOSERS: Who benefits from Labor's first budget in office?

They can also take paid leave on the same days.

Single parents will have access to the full allotment.

Eligibility will also be expanded with the introduction of a $350,000 family income test.

TWO-MINUTE GUIDE: What you need to know

Currently, paid parental leave is available for 18 weeks for the birth parent, while their partner is only eligible for two weeks.

Partner pay can also not currently be taken in conjunction with employer paid leave, which will change under the government's new rules.

The government claims the new rules, backed by a $531.6 million investment, will benefit over 180,000 families each year.

CHEAPER MEDICINES: PBS co-payment slashed from January 1

Childcare to be more affordable

And when the kids are older, the government says, it will be easier for them to access early childhood care and education.

A $4.7 billion investment over four years from 2022-23 aims to make it more affordable for 96 per cent of families.

The vast majority of that package – $4.6 billion – will increase child care subsidies for families earning less than $530,000.

CLIMATE CHANGE: The plan to tackle disasters and boost EV funding

From July 2023, the subsidy will lift from 85 per cent to 90 per cent for families with a combined income of less than $80,000.

That subsidy will drop by one per cent for each additional $5000 of annual income, until it ticks down to zero at $530,000.

For example, a couple with a combined income of $120,000 would receive an 82 per cent subsidy, up from the current 71 per cent.

The ACCC, the consumer watchdog, will also undertake a 12-month inquiry into what drives childcare prices, along with a commission into improving affordability.

The government suggested a 90 per cent universal subsidy could also be on the table.

A further $33.7 million over the same four years willl go towards providing First Nations children with a minimum of 36 hours a fortnight of subsidised early education and care from July next year.

Speaking in Parliament at the start of question time, Prime Minister Anthony Albanese has made a statement on the current floods crisis. "Natural disasters are a cruel part of life on this unforgiving continent," he said.

Labor's first federal budget since being elected promises to address women's equality in the workplace and the community, their safety and healthcare.

Treasurer Jim Chalmers' budget made it clear gender inequality is "holding Australia back" and until the gap is closed, the country can't reach its "full potential".

The government says in all aspects of tonight's budget, the impact on men, women and gender-diverse people was at the "heart of policy and decision making", so you'd expect big changes and funding announcements.

So here's what we found benefited women in the latest federal budget.

TWO-MINUTE GUIDE: What you need to know

WINNERS AND LOSERS: Who benefits from Labor's first budget in office?

Big bucks to end violence against women and children

One of the Albanese government's election commitments was to make women's safety a national priority as violence against women and children plagues the country.

"One woman dies in Australia every ten days – that is unacceptable," Social Services Minister Amanda Rishworth said.

To try and put an end to the growing statistics and keeping to their election commitment, the budget includes major spending to help women and children facing domestic and family violence.

The big bucks are a promised $1.7 billion over six years but let's break that down.

CHILDCARE AND PARENTAL LEAVE: The changes explained

The government put aside $170 million to fund 500 new frontline service and community workers in the family, domestic and sexual violence sector.

"Funds for these positions will be distributed to states and territories to support them to best target areas of need," the budget papers said.

Some other key figures include:

• An extra $39.6 million will be put into the existing Escaping Violence Payment program
• $25 million for "innovative responses" to address the behaviours of perpetrators
• $12.6 million for programs to help Temporary Visa Holders experiencing family, domestic and sexual violence

Basically, the funding announcements are trying to meet recommendations made by the National Plan to End Violence Against Women and Children 2022-2032, which was released last week.

The government has also launched legislation to provide 10 days of paid family and domestic violence leave.

A MILLION HOMES: The ambitious housing affordability scheme

Another key facet of addressing violence against women is affordable housing.

The government has allocated money to help build 4000 social housing places for women and children impacted by domestic violence under the proposed $10 billion Housing Australia Future Fund.

"We made a promise to deliver a national gender equality strategy that will map how we can improve outcomes for women by boosting their economic security and addressing structural barriers and inequalities that are a major driver behind gender-based violence," Minister for Women Katy Gallagher said.

Childcare and parental leave initiatives to achieve 'economic equality'

The nation's gender pay gap currently sits at 14.1 per cent, which means a woman working full-time on average earns about $263.90 less per week than her male counterpart.

The budget papers said women traditionally take on a "disproportionate amount" of unpaid work and care so the government is trying to address this through its major changes to parental leave and childcare subsidies.

You can read all about the parental leave and childcare announcements here.

The budget papers also revealed $32 million towards making sure there are "properly funded" working women's centres in every state and territory to provide information, advice and advocacy to women on workplace issues like sexual harassment.

Taskforce to address gender equality

The budget papers featured a lot of information about a previously announced independent taskforce set to figure out how to tackle gender equality.

The Women's Economic Equality Taskforce is chaired by Sam Mostyn and has 13 "eminent" women from across Australia to provide advice to the government on issues women face in the current Australian economic landscape.

Issues include the gender pay gap, barriers to workforce participation and distribution of caring responsibilities.

The advice will then feed into a National Strategy to Achieve Gender Equality to "guide whole-of-government actions" to close the gap.

Budget spruiks women's health as a focus but no major funding announcements

Although the budget papers outlined that sexual and reproductive health issues like endometriosis, menopause and other pelvic pain impact workforce participation, no new funding was announced.

CLIMATE CHANGE: The plan to tackle disasters and boost EV funding

But in good news for women or people with a reproductive system looking to have children, pregnancy care clinical guidelines and new postnatal care guidelines – basically the rules for healthcare to look after someone during pregnancy and after the birth – are set to be updated at the cost of $5.9 million.

The budget will also invest $26.2 million in perinatal mental health and wellbeing centres and $13.9 million in support for families who suffer stillbirths.

Medicines will become cheaper for millions of Australians as the Albanese government delivers its first budget since being elected.

From January 1 next year, the maximum co-payment for scripts on the Pharmaceutical Benefits Scheme (PBS) will drop from $42.50 to $30 per script. This is expected to cost the government $782 million over four years.

It's the first time in the PBS's 75-year history that the maximum cost of general scripts will fall, the budget papers said.

TWO-MINUTE GUIDE: What you need to know

WINNERS AND LOSERS: Who benefits from Labor's first budget in office?

THE BUDGET FOR WOMEN: What's in there?

Slashing the price of medicines is one of the key budget announcements to address the surging cost of living hitting the hip-pockets of Australians.

The government said the change will save "3.6 million Australians more than $190 million each year in out-of-pocket costs" for their medications.

Health Minister Mark Butler said the government is putting the "health of Australians first" by reducing the cost of general scripts and giving a little bit back to their wallets."

The Albanese government is addressing cost-of-living pressures that affect Australians every day, helping them afford essential health care and cutting the cost of medicines," Butler said.

The Albanese government had promised to slash the cost of medications during the lead-up to the federal election earlier this year and now has delivered that commitment in its first budget.

More medicines to be added to the PBS

The budget papers also revealed more "affordable and life-saving essential medicines" will be added to the PBS.

This will cost the government around $1.4 billion to add new listings to the PBS as well as amend existing listings.

CHILDCARE AND PARENTAL LEAVE: The changes explained

It didn't outline exactly which medications would be subsidised as part of the new funding however it did mention cancer treatments and growth hormone deficiency in children would be added to the scheme.

Funding for Medicare means funding for struggling GPs

The other key health announcement is strengthening Medicare with a $2.9 billion package.

It will start with $235 million over the next year to make it easier for Aussies to see a doctor by creating 50 Urgent Care Clinics.

The clinics are designed to reduce pressure on the hospital system after the healthcare sector saw unprecedented numbers during the COVID-19 pandemic.

For struggling GPs who have been crying out for help, $229.7 million will be put towards improving local practices and improving care – what that actually looks like for the practices is not yet clear.

A MILLION HOMES: The ambitious housing affordability scheme

CLIMATE CHANGE: The plan to tackle disasters and boost EV funding

The government has also promised $10,500 payments for GPs to practice in rural and remote communities to try and attract workers to the sector.

"With this budget, we start to repair Medicare and grow our health workforce," Butler said.

Other cost-of-living sweeteners in Labor's budget include the parental leave amendments, childcare subsidies and delivering more affordable housing.

A landmark agreement between every level of government will aim to tackle Australia's housing affordability crisis by building one million new homes over five years.

Called the National Housing Accord, the agreement is designed to incentivise the construction of cheap housing in popular regions and will start from 2024.

Much of Australia's housing affordability crisis has been caused by a lack of supply, as a greater number of prospective buyers compete for the same properties.

Follow live coverage of the Federal Budget from 7.30pm at 9news.com.au | Watch the budget being handed down here

In the federal budget to be handed down tonight, Treasurer Jim Chalmers will argue that the National Housing Accord will even the balance between supply and demand in the property market, making it easier for first-time buyers to purchase in the area they want to live.

The Albanese government will contribute $350 million to the scheme, promising to deliver 10,000 affordable homes over five years from 2024.

The funding will also incentivise superannuation funds and other institutional investors to make investments in social and affordable housing by covering the gap between free-market rents and those incentivised by the government.

All state and territory governments have agreed to sign up to the accord, collectively pledging to match the federal government's promise of 10,000 affordable homes.

The COVID-19 pandemic supercharged an already overheated property market in Australia, as lockdowns and record-low interest rates created a wave of new buyers.

Property prices across the country increased by more than 20 per cent over two years, consequently driving the vacancy of rental properties to a record low.

READ MORE: Why are Australia's interest rates still rising?

Now, as interest rates rise, house prices are correcting – but recent buyers are finding themselves having to deal with mortgage repayments as much as $1500 extra a month from when they first bought.

Australia's housing crisis explained: Supply vs demand

Australia's property market has typically always been expensive on a global scale.

Previous governments have attempted to ease the burden facing Australians wishing to purchase a property – typically by creating attractive policies that would allow first homebuyers to enter the market with a small deposit.

While this helps a limited selection of buyers, it does little to address the real problem driving up housing affordability: supply and demand.

Incentivising new buyers into the market is important, but it effectively drives up demand without addressing supply at all.

A lower-priced property in a desirable area that may have traditionally struggled to sell would suddenly have dozens of cashed-up buyers, who would compete for the purchase and again drive up prices.

In an ideal economic world, supply would rise evenly with demand – but as construction costs soar and tradies struggle to find apprentices, that's a proposition that's easier said than done.

It’s been dubbed a “solid and sensible” federal budget, but Australians hoping for a sugar hit to their bank accounts are going to be severely underwhelmed.

With inflation roaring, rising interest rates and a cost of living crisis, Treasurer Jim Chalmers said it was his responsibility to hand down a budget that didn’t contribute to the government’s forecast trillion dollars of debt.

Despite this – as there always are – some Australians are going to be better off than others from this budget. Here are the winners and losers from the government’s crack down on expenses:

TWO-MINUTE GUIDE: What you need to know

WHAT IT MEANS FOR YOU: The budget for everyday Aussies

WINNERS

New parents

Australians who have young children – or are planning to – are the big winners in tonight’s budget.

The government is investing $4.7 billion over four years to make childcare cheaper. 

In basic terms, from July 2023 families who earn a household income of less than $530,000 will see their child care subsidy rate increase.

Families who earn less than $80,000 will see their total child care subsidy rate lift from 85 per cent to 90 per cent.

But the good news doesn’t stop there for parents. 

For those expecting, Australia’s paid parental leave scheme will increase to 26 weeks or six months by July 2026.

Currently the paid parental leave scheme offers 18 weeks paid at the minimum wage and an additional two weeks of flexible paid leave.

New homebuyers

Australians looking to purchase their first property will likely have more options available within their budget as part of a landmark national agreement known as the Housing Accord.

Under the agreement, all levels of government along with institutional investors plan to build one million new affordable homes over five years from 2024.

The new homes aim to tackle the supply side of Australia’s current unaffordability crisis, which has seen sky-high demand over a dwindling number of properties.

The government believes the accord will help also reduce rents, which are also soaring to new highs as the national vacancy rate hits a record low.

Australians who need a prescription on the PBS

Any Australian who needs a script filled with a medicine available on the Pharmaceutical Benefits Scheme (PBS) will be better off when the maximum co-payment drops from $42.50 to $30 per script.

This change will take place from January 1, 2023, and will save around $3.6 million Australians a combined $190 million in out-of-pocket costs.

CHEAPER MEDICINES: PBS co-payment slashed from January 1

TAFE students

Anybody wishing to become certified at TAFE is in the box seat after tonight’s budget, with the government pledging 480,000 fee-free vocational education places.

These free spots will be prioritised to First Nations people, young people, jobseekers, unpaid carers, women in non-traditional fields of study and people with disabilities.

At least 15,000 of the fee-free places will be dedicated to courses specialised in aged care.

University students

Students studying TAFE courses aren’t the only ones who may get a free spot – the government is also investing $48.5 million to provide up to 20,000 additional university places to tackle areas where there are particular skills shortages.

These include degrees that target areas such as education, health, engineering and technology.

Places will be allocated to people from low socio-economic backgrounds, rural and remote areas, First Nations people, those who are first-in-family to attend university and people with disability.

CLIMATE CHANGE: The plan to tackle disasters and boost EV funding

Aged care workers

Workers in Australia’s vulnerable aged care sector could be on the verge of a pay rise, after the government supported a cash boost for staff in its submission to the Fair Work Commission. 

A decision on whether that pay rise is granted will be made in the coming months. 

On top of this, tonight’s budget also allocated $2.5 billion over four years to increase “average care minutes” that a nurse will have with each resident.

General practitioners

GPs and rural generalists with advanced clinical skills will be offered incentive payments of up to $10,500 to practice medicine in rural and remote communities.

Women

Women will be the beneficiary of a number of initiatives designed to tackle Australia’s gender pay gap, currently sitting just above 14 per cent.

Changes to the Fair Work Act will make it easier for women in low-paid sectors to make pay claims, while the budget is spending $20.2 million over four years to set up two new expert panels focusing on pay equity.

Electric vehicle drivers

The budget will make eligible electric cars exempt from fringe benefits taxes (FBT) and the five per cent import tariff.

For an electric car valued at about $50,000 (and let’s face it, that’s not many) the FBT exemption would save an individual using a salary sacrifice arrangement up to $4700 a year.

Additionally, removing customs duties could help the buyer of an EV save up to an additional $2500 if the car was previously subject to an import tariff.

Pensioners

Australians on the aged pension will be able to work more before their regular payments are docked.

Pensioners will be able to earn $4000 more in 2022-23 before their payments are reduced, lifting the limit from $7800 to $11,800.

CHILDCARE AND PARENTAL LEAVE: The changes explained

LOSERS

Taxpayers

Aussie taxpayers hoping for the traditional budget night tax cut announcement will be disappointed to hear that nothing has changed in regards to our tax brackets.

The low- and middle-income tax offset (or LMITO) will also end as scheduled, reducing the tax return of millions of Aussies.

Advertising agencies and government contractors

Beware government spinners and thinktanks: The Albanese government has announced it is cutting back on unnecessary government spending such as external labour, advertising, travel and legal expenses.

This is expected to save the government an eye-watering $3.6 billion over four years.

Tax dodgers

Aussies taking cash-in-hand for weekend jobs and not declaring it as income will be under the microscope as the government announces plans to expand the tax office’s powers to investigate the shadow economy.

Over four years to 2025-26, the government anticipates to reap a $3.7 billion improvement to the budget’s bottom line by identifying those dodging tax.

Corrupt pollies

Politicians at the highest level of government who use their influence for personal gain could find themselves in the centre of a media storm following the establishment of a National Anti-Corruption Commission.

Tonight’s budget allocates $262.6 million to establish and run the commission, which has been tasked with “restoring public trust in government”. Good luck.

Future Generations

Money is being invested in renewable energy, social housing, skills shortages and healthcare – but future generations will still have to pay for it.

Australia’s gross debt is close to one trillion dollars and is at the highest level as a share of GDP in over 70 years.

Those figures will have to be paid off for generations to come.

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