Political Review of 2024: people struggle with the cost of living

The issue of the cost of living dominates Australian politics in 2024.

The Prime Minister unveiled alterations to the stage 3 tax cuts before Parliament's return, a decision that directly contradicts the Labour Party's pre-election pledge to maintain the existing tax framework.

The Reserve Bank of Australia (RBA) has maintained the cash rate at 4.35% throughout the year. Despite this stability in interest rates, Australia has experienced a decrease in inflation, with the Consumer Price Index falling from 3.4% in January to 2.1% in October. However, the cost of living remains a significant concern for Australians.

Cost-of-living pressures have put supermarket behaviour in the spotlight, prompting a government and consumer commission investigation into price-fixing, competition, and the industry's impact on inflation.

Anthony Albanese announced his first cabinet reshuffle.

• Indigenous Affairs Minister Linda Burney and Skills Minister Brendan O'Connor announced they would retire at the next general election, and immediately give up their posts.
• That led to Andrew Giles being demoted from the Immigration post, and former Home Affairs Minister Clare O'Neil moving to the Housing post.
• Malarndirri McCarthy took over the Indigenous post, and Tony Burke moved to the Immigration and Home Affairs post.
• Sam Mostyn took over the post of Governor-General of Australia, and former Labor Party leader Bill Shorten also announced his resignation.

Australia’s Governor-General Sam Mostyn sworn in (AAP). Source: AAP / LUKAS COCH/AAPIMAGE

Australian politics has been significantly impacted by the ongoing conflicts in the Middle East. A recent example is the death of Australian aid worker Zomi Frankcom, who was killed in an Israeli airstrike in Gaza. This incident prompted Foreign Minister Penny Wong to commission a report from former Australian Defence Force chief Mark Binskin.

The Israeli-Palestinian conflict has also spurred public demonstrations across Australia, with thousands participating in protests against Israel's actions in Gaza. Furthermore, Senator Fatima Payman resigned from the Labor Party in response to the government's stance on the war, highlighting the deep divisions the issue has caused within Australian politics.

Protesters march during a pro-Palestinian rally in Melbourne. Credit: Source: AAP / James Ross

In the year 2024, the Opposition laid the groundwork for a major energy debate in the upcoming election. Their proposal centers around constructing nuclear reactors at seven different locations across Australia, though independent analyses have cast doubt on the practicality of this plan.

The 2024 parliament concluded swiftly, enacting 31 of the 45 proposed bills.

A landmark achievement among these was the passage of the world's first social media ban for children under 16, which garnered bipartisan support in its final hearing.

Tech companies now have 12 months to implement measures preventing underage children from accessing their platforms.

For the Prime Minister, this year has had its ups and downs.

He was engaged, criticized for buying a $4 million house, and earned the nickname 'Airbus Albo' for allegedly asking for a free flight class upgrade for private flights, something he denied.

The prime minister announced the engagement on social media. Credit: Supplied

And while most of the draft laws have been approved, he has insisted he will return to Parliament as Prime Minister before a general election is held next year.