Cheaper medicine and childcare will form part of the Albanese government's first suite of measures to ease the ongoing cost of living crisis.
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But some of the changes won't come into effect until mid-next year.
It comes as the Reserve Bank lifted interest rates by 50 basis points on Tuesday as it attempts to rein in surging inflation.
Leading economists have called on the government to bring forward childcare subsidies to ease pressure on households.
Prime Minister Anthony Albanese said legislation promising cheaper medicine and cheaper childcare would be introduced to Parliament in the coming fortnight.
In Question Time on Tuesday, the leader said a bill reducing the cost of pharmaceuticals to $30 from $42.50 would be introduced on Wednesday.
The government would introduce a cheaper childcare bill next week, which would reduce bills for 96 per cent of Australians, he added.
However, the changes, once passed, would not come into effect until the planned July start date next year.
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Early Childhood Education Minister Anne Aly on Monday said the changes could not be brought forward any earlier due to workforce shortages.
"Believe me, if there was a way to do this, I would have done it," Ms Aly told ABC News.
"We want to make sure that when we do this, we do it right. It is a big reform. And it's something that you want to set up effectively and smoothly. It's going to take that time."
The temporary halving of the fuel excise cut ends at the end of the month, adding additional financial stress to the average household.
Prime Minister Anthony Albanese said ending the fuel excise would be a "difficult decision", conceding it would add to inflation.
Opposition Leader Peter Dutton said the government had failed on its pre-election promise to support families through hard times.
"It's clear the government has no plan to help Australian families under pressure at the moment. That pressure is mounting," he said on Tuesday morning.
"Petrol prices are about to go up by 22 cents a litre when they end the excise and there's nothing here the government is offering by way of support to families at the moment. Only excuses."
