Cost Of Living On The Agenda At Federal Budget Announcement

A cost-of-living package is expected to be the centrepiece of Tuesday night's federal budget announcement.

For Josh Frydenberg's fourth budget, the Morrison Government will attempt to woo voters by addressing the petrol and grocery hike.

A temporary slash of the fuel excise is set to be unveiled to help motorists paying top dollar around the country.

With petrol prices sky high, and insurance premiums becoming increasingly unjustified, many Australians would be in favour of tax offsets for everyday use items.

Frydenberg argued the economic recovery from COVID would flop if Labor was to prevail at the upcoming election, highlighting the improved job figures.

"This hasn't been luck," the Treasurer said.

"It has been the result of a clear fiscal strategy to save jobs and drive the unemployment rate to historically low levels, which today, at 4 per cent, is it at its equal lowest level in 48 years.

"With more people in work and less people on welfare, the budget bottom line is improving after providing unprecedented economic support to Australians."

Shadow Treasurer Jim Chalmers argued the Morrison government said the temporary cost-of-living relief is a desperate plea to sway voters into re-election.

"The budget won't be a plan for the future, it'll be a plan for Scott Morrison's re-election," he said.

"Budgets should help people through difficult and uncertain times, not just help the Coalition through the election."

The Budget is set to be unveiled at 7:30pm AEDT, outlining a financial strategy for the year ahead.

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