Anthony Albanese heads to election with $1.5bn war chest

With a federal election expected to be called any day now, Labor has left itself $1.5bn in yet-to-be announced policies.

With Australians gearing up for a federal budget by May 17, Labor has left itself $1.5bn in yet-to-be announced policies. Picture: NewsWire/ Martin Ollman

Labor has armed itself with a $1.5bn war chest in yet-to-be revealed announcements as the government hurtles to an election due by May 17.

Buried in Tuesday’s federal budget, the “decisions taken but not announced figure” reveals a raft of policy decisions made, but not yet made public.

The $1.5bn is significantly smaller than the $5.5bn allocated in December’s budget update, which included a $629.9m plan to give apprentice brickies, carpenters and joiners $10,000 in incentives to finish their training.

Numbers in Tuesday’s federal budget also revealed $499.9m in revenue measures which have yet to be announced.

This could include new taxes, levies or regulation, which will beef-up the budget bottom line.

Anthony Albanese has a war chest of at least $1.5bn for yet-to-be promises ahead of the federal election. Picture: NewsWire/ Martin Ollman

This comes as Labor continues to trail the Coalition, with pollsters tipping a minority government.

The most recent Newspoll published on Monday revealed Labor trailed the Coalition 49 points to 51 on a two-party preferred basis.

Despite an apathetic summer, Mr Albanese was still ahead of Opposition Leader Peter Dutton as the “better prime minister” 45 points to 40, with 15 per cent of people poll undecided.

In a classic election year budget, Treasurer Jim Chalmers on Tuesday revealed a “modest” tax cut for every working Australian, as well as a promise to lower the cost of healthcare and reforms to Medicare.

More than $8.5bn as pledged to ensure nine out of 10 GP visits will be bulk-billed by 2030, plus $698m to cap the cost of PBS-listed scripts at $25.

A re-elected Labor government will also wipe 20 per cent off HELP debts, which will reduce the average $27,600 debt by about $5520.

The government has already several key election policies, including a $8.5bn bid to boost bulk-billing rates. Picture: NewsWire/ Martin Ollman

The government had not expected to hand down the budget on Tuesday, with Mr Albanese preparing to call the election for April 12 more than two weeks ago before Tropical Cyclone Alfred threatened millions in southeastern Queensland and northern NSW.

After Mr Albanese deferred calling the election then, ensuring the budget would need to be delivered as scheduled on March 25.

The Prime Minister is now expected to pull the trigger on the election as soon as this weekend for May 3 at the earliest.

He still has the Saturdays of May 10 or May 17 as an option for an election to secure a second term.