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Anthony Albanese will become Australia's next prime minister with a historic win over the weekend. While it's not all great news for Labor with its primary vote down they do look on track to govern with a majority in their own right. The election was extraordinary for electing a historic number of independents, with ten lower house seats at least going to independents and a further four going to the Greens. All of that is exciting but if you're thinking about your debt all the time you may be wondering what Albo's win means for you. These are the policies we think will impact you the most.

50 Medicare Urgent Care Clinics

Labor have pledged to open 50 Urgent Care Clinics which are meant to improve access to GP's after hours. It's meant to relieve pressure on Hospital Emergency Departments. So, for issue that can't wait till morning but are not serious. As a parent I've had a lot of these issues, earaches, asthma attacks, insane fevers. These issues could be dealt with by a GP but there isn't anyone available at 2am so you have to either pay through the nose for an after-hours GP clinic or go to emergency. This could definitely save people with kids some money.

Wages might go up

Labor will put a submission into the Fair Work Commission supporting an increase in the minimum wage by 5.1%, to keep up with inflation. 40% of all awards are tied to the minimum wage so if the Fair Work Commission was to accept the submission, and they may not, approximately 40% of the working population would get a pay rise.

Accelerated climate action

Labor have pledged to cut emissions by 43% by 2030, in comparison to the Coalition's previous target of 28%. They will mandate that certain companies reduced the amount of Greenhouse gases. They will also provide $20 billion in low interest loans to power companies to invest in their network. The effect this will have on power prices is the subject of debate between different experts. Labor says it will save power bills by $378 by 2030, so it may save you a couple of dollars soon or fingers crossedat least power prices won't go up.

Free Tafe

Labor is making Tafe free which will be great for anyone looking to retrain and do something else. With strong demand for Welders, Metal Fabricators, Electricians, Carpenters, Bakers and Pastrycooks and landscape gardeners and strong demand.

Childcare will be cheaper

Labor will make childcare up to $1,600 cheaper per year. This is probably the main thing that will improve things for people struggling with debt as it will put money direct into people's pockets.

Labor home equity scheme

Labor will give people up to $400,000 to buy up to 40% of the value of a house. The Australian government will continue to own the percentage of house and that money will go back to them when you sell it. If the government contributed $400,000 to buy a $1million house and later you sold it for $2million you would have to give the government $800,000. They will require 2% deposit. It will be restricted to people who earn less than $90,000 PA for individuals and $120,000 for couples. This could help people struggling with debt to enter the housing market.

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