The 31st prime minister reflected on his first 100 days in office during a speech to the National Press Club on Monday, ahead of the government hosting its marquee jobs and skills summit later in the week.
Mr Albanese said reform and renewal will characterise the next phase of Australia's recovery from the pandemic as his government moves to implement election commitments.
"Frankly, the only way to change (trust in government) is to deliver on what matters to the Australian people - cheaper medicine, cheaper child care, more affordable housing, more renewable energy to bring down power bills," he said.
Mr Albanese again ruled out changes to legislated tax cuts, despite in the past opposing the measures which benefit some of Australia's highest income earners.
The third tranche of cuts will abolish the 37 per cent tax bracket, start the top 45 per cent bracket from $200,000 and cut the 32.5 per cent rate to 30 per cent for all incomes between $45,000 and $200,000.
"I said at the time it wasn't wise to consider in 2019 exactly what the economy would look like in 2024-25," he said.
"But the parliament made a decision ... and we made a decision we would stand by that legislation rather than relitigate it, and we haven't changed our opinion."
Given the glaring hole in the budget due to the pandemic, the government will instead look to make up the fiscal shortfall by growing the economy through industrial relations and social reforms to boost workforce participation.
This includes increasing female participation in the workforce by including equal pay in the Fair Work Act objectives, providing paid domestic violence leave and expanding childcare access and affordability.
Success will be measured by the narrowing of the gender pay gap, he said.
But Mr Albanese acknowledged the government only had so many levers to pull when asked about wiping HECS debt or making some university courses free, after Victoria announce free degrees for nurses and midwives.
"We have our own initiatives as well. Fee-free TAFE, the additional university places aimed at areas of skills shortage" he said.
"So, the different levels of government have to pull the levers that are available to them."
The Labor government will aim to use industrial relations reforms stemming from the summit to "arm people with every chance to fulfil their potential", according to the prime minister.
"We are focused on building a fair-wage, strong-growth, high-productivity economy," he said.
"I see it in phases. We've been through the pandemic response, we are in the middle of the recovery and reform will be the key to renewal.
"That better future remains our light on the hill."
The summit will take place at Parliament House on Thursday and Friday.
The government will move to legislate some of its pledges, such as the changes to the Fair Work Act, this year while other reforms stemming from the summit will be considered alongside the subsequent employment white paper.
"We're hopeful, if this week near consensus emerges from the discussions on Thursday and Friday, then we would look at change in an expedient fashion," he said.
Nationals leader David Littleproud said the first few months of the Albanese government showed worrying signs of things to come, particularly in the agriculture sector.
He singled out the response to foot and mouth disease (FMD) and the scrapping of the agriculture visa as major concerns.
"Australian farmers are rightly worried by this new government from what they've done in just 100 days, which is eroding confidence in an industry that is crucial to Australia's prosperity," he said.
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