Anthony Albanese has promised voters they will be better off in three years if they re-elect Labor for a second term, despite being unable to fulfil a similar undertaking he made before the last election.

The prime minister acknowledged the tough financial circumstances of the past three years, underpinned by high inflation and interest rates, but he indicated that the worst was over, the nation was at “the beginning of where we want to be”, and more assistance was on the way.