Because of that, there have been far fewer early announcements than in previous years, and what new measures will be handed down by the government remains a bit of a mystery.
However, there have still been some hints from senior ministers about what to expect, as well as some earlier announcements that will form part of the 2025 budget.
Here’s what you can expect on March 25.
Massive student debt discount
The one-off discount represents a massive $16 billion in student debt reduction – more than five times larger than last year’s move to retrospectively lower the indexation applied to those debts.
The new measure was announced by the government as an election promise in November, and will now need to be factored into this year’s budget.
The centrepiece of last year’s budget was the $3.5 billion in energy bill relief – a $300 rebate, spread over the course of the financial year, for every household in the country.
After that decision, Energy Minister Chris Bowen was asked whether repeat rebates would be on the cards.
“As the prime minister, the treasurer and I have made clear, we will always consider what more can be done,” was his reply.
“There’s a budget coming soon, and we’ll continue that approach of considering what more we can do.”
Albanese also mentioned energy subsidies when he was asked on March 9 about what cost-of-living relief could be expected in the budget.
“We will always do what we can to assist people,” he said.
“That is one of the defining characteristics of my term of government, is that we were saying yes to energy bill relief, yes to tax cuts for all Australians, yes to cheaper child care, yes to free TAFE, yes to providing a range of support, including lifting rental assistance by 45 per cent over two budgets.”
Subsidised childcare for everyone
That cheaper childcare Albanese mentioned will also feature heavily in the budget.
Like the student debt discount, this was an election promise unveiled in late 2024, well after the last budget: three days a week of subsidised childcare to families with a combined income of less than $530,000 a year.
The activity test will also be scrapped to make it easier for low-income parents to access cheaper childcare, a measure recommended by the Productivity Commission and long called for by economists.
The policy will come into effect on January 1, 2026, if Labor wins the federal election, and will cost $427 million over five years.
Boost for Australian-made goods as tariffs hit
One of the big economic uncertainties plaguing financial markets at the moment is US President Donald Trump’s explosion of tariffs.
Local manufacturers fear a flood of cheap, international produce onto the Australian market from all the other nations who have also been denied free access to American consumers, which would be a significant business challenge.
Albanese has flagged support for local industry will be handed down.
“In the March budget, we’ll provide additional support for our ‘Buy Australian’ campaign which we’ll be announcing as part of the budget process,” the prime minister said in his press conference responding to the introduction of Trump’s tariffs.
There are a number of other policies that will form a part of the 2025 federal budget, including:
