Here’s how the budget affects you – from students to retirees

Treasurer Jim Chalmers says his second budget is all about keeping pressure off inflation while helping people struggling to make ends meet.

“People are under the pump which is why we’ve carefully calibrated and designed this budget so that it takespressure off the cost of living,” he said on Tuesday.

This is what that will mean for you,and what it will cost the government over the next four to five years.

Young families

Helping Australians deal with cost-of-living pressures is a particular focus in this year’s federal budget.Aresna Villanueva

Middle-income households

Welfare recipients

Students on the Youth Allowance,Abstudy and Austudy will get an extra $40 per fortnight.Oscar Colman

Students/Young people

High-income earners

Federal budget

As it happened:Medicare boost,energy bill relief at forefront of cost of living relief measures;Australia’s economic growth set to slow to 1.5 per cent

Retirees

Small businesses

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