What to expect from the federal budget
There's just three weeks left until Treasurer Jim Chalmers unveils the federal budget.
With the cost of living crisis still a major issue across the country, we can expect to see some policies aimed at alleviating the pressure.
Some policies, have already been announced and here are a few others that we can expect to hear from Chalmers on May 14.
Stage 3 cuts announced in January, will form a key part of this year's budget, which will direct more benefit towards low- and middle-income earners – although Australians on high salaries will still receive a tax cut.
The decision was made to alleviate the cost-of-living pressures and partly address the bracket creep. The cuts lower the threshold for the lowest two brackets (so they pay less tax on that income), and raise the threshold for the highest two brackets (so they need to earn more to be taxed at a higher rate).
This means that someone with average income of around $73,000 will get $1504, but how much you actually receive will depend on your income.
The new version of the stage 3 cuts will come into effect on July 1.
Superannuation will be paid on government-funded parental leave, with the change due to kick in for parents with babies born after July 1, 2025.
They will receive a 12 per cent superannuation on top of their government-funded parental leave, with around 180,000 families expected to benefit from it.
The figures will be included in the May 14 budget.
Although nothing has been officially announced, there will likely be HECS-HELP debt relief for current and former students.
"I think there's a range of areas where we need to do much better with the younger generation, and HECS is one of them," Prime Minister Anthony Albanese said on radio on April 18.
"We've received a review of that... and what that has said is that the system can be made simpler and be made fairer.
"We're examining the recommendations and we'll be making announcements pretty soon on that. We, of course, have a budget coming up."
There have also been some hints from the government that energy bill relief will continue in this year's budget.
"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," Albanese said, citing the existing policy that gives eligible families up to $500 off their power bills and eligible small businesses up to $650.
"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," he said.
"That's why the energy bill relief package I negotiated with the states and territories delivered up to $650 in savings for around 1 million small businesses, along with 5 million families.
"And as we put together next month's budget, small businesses and families will again be front and centre in our thinking."
Energy bills are also set to go down, or remain stable for the most part from July 1.
Image: Getty