This week the Albanese Labor government handed down its first budget, and I'm really pleased to say it is a great budget for the people of Canberra, who were neglected for so long under the former government. This is a budget that invests in the things that Australians need to build a better future. It is a good budget for families and it is a good budget for our nation. There is a lot in the budget for the people of Canberra, such as investments in infrastructure projects and other things that will benefit Canberra.
Childcare costs are a huge issue for Canberra families, and our cheaper childcare policy will see 23,200 families in the ACT better off. That includes 8,900 families in the electorate of Canberra, which I represent. It will also extend paid parental leave, giving more time to families at that important time of life when they're welcoming a new baby. Canberrans can also expect to see cheaper medicines, which will save them up to $450 per year and help them with the cost of living.
Our budget invests heavily in renewable energy, delivering the climate action that Canberrans have been calling out for for so long. It also includes some important local environmental measures—for example, a $3.2 million investment in restoring the health of our vital urban waterways. Our lakes and waterways are such a huge part of Canberra's ecosystem and Canberra life; people love our lakes and waterways. This project will help to clean the water that is coming through by naturalising a lot of the wetland areas that lead into Lake Burley Griffin and right throughout the ACT. This is a great project, and we are working with local Landcare groups and volunteers to deliver that.
We're also delivering three community batteries for the ACT, including one in Dickson, which is very much welcome. We're also investing in our light rail. Investing in public transport is really important because it gets cars off the road and gets Canberra ready for the future. This investment of $85 million will help to see stage 2 of light rail delivered.
We'll be delivering an urgent Medicare care clinic for Canberra. It's really important, as Canberra is a city with some of the lowest bulk-billing rates in the country. This will help with that and help to take pressure off our hospitals, so that is a really important announcement. We have new university places for Canberra: 345 for the ANU and the University of Canberra. Alongside our fee-free TAFE commitments, this will make education more accessible for many in the territory.
Our budget also invests in the Public Service, and this is critically important not just for Canberra but for our whole nation. We are restoring our Public Service so it can deliver the services that Australians need and can play its important role in good governance and democracy.
