Millions of Australian workers will have their penalty and overtime rates protected under new legislation introduced to parliament today by the Albanese Labor Government.

Our number one focus is continuing to deliver cost of living relief for the Australian people.

We want people to earn more and keep more of what they earn – this protects that for millions of Australians.

The Fair Work Amendment (Protecting Penalty and Overtime Rates) Bill 2025 will prevent variations to awards that would reduce or remove an employee’s penalty rates or overtime rates.

PATRICIA KARVELAS, HOST: I'm joined now by the Prime Minister, Anthony Albanese, after his first Question Time of the second Parliament that you are the Prime Minister for. How did it go for you?

KYLE SANDILANDS, HOST: Prime Minister's here, everyone. Everyone up off your feet. Prime Minister Anthony Albanese now. Jackie, you're just about to pick him up. I hope he's not angry with me because I was supposed to ring Albo back, but he was in the middle – he was at the G8 summit. Then I was supposed to ring him and then I noticed on the news he was in China. I thought I better not interrupt with my rubbish while he's dealing with the Chinese president.

The Albanese Labor Government is today introducing legislation to cut 20 per cent off all student debts.

This will wipe more than $16 billion in debt for more than three million Australians.

Our number one focus is continuing to deliver cost of living relief for the Australian people.

Cutting student debt by 20 per cent will ease pressure on workers and students across the country.

For someone with the average debt of $27,600 this will see around $5,520 wiped from their outstanding Higher Education Loan Program (HELP) loans.

JOURNALIST: How was the service?

ANTHONY ALBANESE, PRIME MINISTER: It was lovely. And it's a wonderful way to begin the parliamentary year. That is a tradition, which is a fine one.

JOURNALIST: What did you reflect on in the service today?

PRIME MINISTER: To hope for the health and wellbeing of all Australians. Thank you.

JOURNALIST: Are you feeling the pressure to deliver on your agenda?

SARAH FERGUSON, HOST: Prime Minister, welcome to 7:30. 

ANTHONY ALBANESE, PRIME MINISTER: Good to be back in Canberra.
 
FERGUSON: Well, and you're back with a huge majority. You've got a once in a lifetime opportunity to actually change Australia. We're currently watching the UK government squander the majority that they had. How do you avoid the trap on excessive caution?

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

I also acknowledge the Leader of the Opposition, and all my colleagues from across the Parliament;

Admiral David Johnston, Chief of the Defence Force;

Brigadier Philip Winter, representing the National President of the RSL;

Sharon Bown, representing the Chair of the Council of the Australian War Memorial;

Matt Anderson, Director of the Australian War Memorial;

Vice Admiral Mark Hammond, Chief of Navy;

ANTHONY ALBANESE, PRIME MINISTER: Well, welcome back. And it's good to be at this end of the corridor. Tomorrow and today, there'll be some signing in of new caucus members. But tomorrow, whether you are getting signed in here in the House of Representatives, whether you're one of the twenty-four new Labor members of the House of Representatives, or one of the seven new Labor senators, take a moment to really think about the significance of it. A lot more people try to get here than do get here. And more often than not, Labor has been at the other end of the corridor.

LAURA TINGLE, HOST: Prime Minister, thanks for your time.

ANTHONY ALBANESE, PRIME MINISTER: Wonderful to be with you here in Chengdu.

ANTHONY ALBANESE, PRIME MINISTER: Well, thanks very much. I'll begin by thanking you very much for the Acknowledgement of Country. And I also acknowledge something that I didn't have to do way back in 1996, which is acknowledge the First Nations people who now are not unusual [INDISTINCT] in our House of Representatives and the Senate and their families as well. A sign of the progress. I was elected in 1996. In 1996, there were – basically, a lot of blokes from similar backgrounds made up most of the House of Representatives and the Senate.