All eyes were on Treasurer Jim Chalmers and Finance Minister Katy Gallagher as they handed down the 2023 Australian federal budget on Tuesday night.
For the Treasurer, he acknowledged these are challenging waters to navigate.
Introducing the budget on Tuesday night, Chalmers referred to the "hard times" and said that the budget was "responsible, affordable, and prioritises those in need."
Prior to the release of the budget, it was also announced that this is the first federal budget in 15 years with a projected surplus (of about $4 billion).
The budget has benefited from higher commodity prices, lower unemployment, and sooner-than-expected real wage growth.
However, the government is remaining cautious. Chalmers said he was confident Australia can dodge a recession, but the economy is likely to slow as higher interest rates make borrowing money more expensive.
Economics talk aside, the question that we're likely asking ourselves at this point is 'How will this budget impact me?'
To break it down, here are all the funding announcements and plans in the budget, from cost of living, to rental crisis support, and reforms to the health system.
But first, watch: 4 money hacks that don't cut out your daily cup of coffee! Post continues below.
Cost of living.
Starting with the topic that's impacting the vast majority of us.
Prior to budget night, it was announced that a $14.6 billion package for cost-of-living relief.
Treasurer, Jim Chalmers, said that the package is designed to "take the edge off" cost-of-living pressures and that it will prioritise the people "doing it toughest".
The package includes an energy rebate of up to $500 (depending on which state you are living in) for 5.5 million eligible households on government payments and one million small businesses.
Rent assistance will also go up by 15 per cent, amounting to an extra $31 a fortnight.
Medicare and health system reform: National cabinet has agreed to a $2.2 billion package in the budget that would introduce patient ID measures and expand after-hours care. Part of this funding will also be used to overhaul Medicare, boost the number of nurses and expand the roles of pharmacists and paramedics.
Bulk billing: Chalmers announced a tripling of the bulk billing incentive to thunderous applause. The government has included a $3.5 billion spend to help GPs provide bulk billing. This will mean 11.6 million Australians can access free consultations.