KPMG thanks the Hon. Scott Morrison for his service to the country, and congratulates the Hon. Anthony Albanese as Australia’s 31st Prime Minister. 

The Labor Party has won the 2022 federal election with a campaign promising to deliver a better future for all Australians. The newly elected Labor Government will continue the existing significant expenditure in health, social services, industry and renewable energy, with reforms in industrial relations and across the public service also expected. 

The government has pledged big spends in health and wellbeing. This includes upgrading urgent care clinics, widespread initiatives in aged care and expanding medicines access under the Pharmaceutical Benefits Scheme.

The government has committed to implementing the Uluru Statement in full – voice, treaty and truth. KPMG commends this move, and strongly supports further action towards reconciliation. 

The government will provide a large spending package in skilled manufacturing and upskilling Australia. This is led by the $15 billion National Reconstruction Fund, which aims to support and create secure, well-paid jobs. 

We commend the government on their ambitious targets on climate change, including committing to reducing carbon emissions by 43 percent by 2030 and achieving net zero by 2050. It plans to achieve this through adjusting the Safeguard Mechanism, investing in green industries, and upgrades to the electricity grid infrastructure.

For a full copy of KPMG’s analysis and insights of the Federal Election 2022 outcome and key matters, please download our report.

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