During a speech in Sydney on Tuesday night which marked the halfway point of his term as prime minister, Mr Albanese said cost of living remained the biggest priority for the government.
"We know that as the world keeps throwing challenges at Australia, Australians are feeling the impacts. That's why we came to office promising to get wages moving again," he said.
"We're not just meeting our targets, we're smashing them."
Eighteen months on from his election victory, Mr Albanese pointed to success in narrowing the gender pay gap and boosting the number of women in full-time work, along with improving access to cheaper medicine and childcare.
The prime minister said the government was also delivering on key issues such as energy bill relief.
"After a wasted decade, that is just some of what we have achieved in our first 18 months," he said.
"We keep our word by turning our words into action, and we turn our action into results."
The speech comes as recent polls have shown many Australian voters are concerned about the cost of living, while Labor's popularity has taken a hit.
The latest Resolve poll showed the government's primary vote had fallen from 37 per cent to 35 per cent in the past month.
Meanwhile, the opposition's primary vote also slipped, going from 31 per cent to 30 per cent.
Opposition Leader Peter Dutton criticised the prime minister's lack of action on cost of living issues.
"There are many families who are scratching their head wondering where the Anthony Albanese they voted for has gone," he said on Tuesday.
"Anthony Albanese now is unrecognisable compared to the bloke who was voted in 18 months ago."
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