Jim Chalmers unveiled Labor’s first budget in over 10 years against an intensifying global downturn.

The Budget focusses on:

• cost of living relief
• targeted investments for a 'stronger, more resilient, more modern economy’
• addressing budget repair.

Cost of living relief

The government’s five point plan to address cost of living involves:

1. cheaper child care for 1.26 million families
2. expanding paid parental leave to 26 weeks by 2026
3. cheaper medicines, including decreasing the PBS general patient maximum co-payment amount to $30 and cutting the cost of PBS medicines
4. making housing more affordable and helping more Australians to buy a home, including through a new National Housing Accord between the Commonwealth, States and Territories, Local Government, investors and representatives from the construction sector for one million new homes over five years
5. addressing wages, including through supporting a pay rise for about 2.7 million workers on the minimum and award wages and supporting a wage increase for aged care workers.

Other key measures

• 480,000 fee-free TAFE places and 20,000 extra university places
• National Reconstruction Fund providing $15 billion for loans, guarantees and equity for agriculture, resources, medical science; renewables and low emission technologies; defence capability; transport; and enabling capabilities
• $109.7 billion health budget
• $1.7 billion women's safety plan
• $120 billion pipeline of transport infrastructure over 10 years
• $20 billion energy transmission fund
• $30 million in 2022–23 for a Royal Commission into Robodebt
• $262.6 million over 4 years to establish and operate a National Anti-Corruption Commission.