The first big winners of Anthony Albanese’s upcoming budget: What you need to know [Video]

03:16 EDT 06 May 2024, updated 03:40 EDT 06 May 2024

Labor’s upcoming Budget is set to focus on addressing the worst cost of living pressures in a generation with an election likely within a year.

Inflation remains stubbornly high, hurting not just borrowers battling surging mortgage repayments but also renters, parents and those on low-incomes having less left over before pay day.

Too much government spending risks worsening inflation, but too little help means more hip pocket pain and the danger of a recession.

Treasurer Jim Chalmers is tipped to provide more electricity bill relief on May 14, with his measures from previous Budgets due to expire in 2025 and Labor promising at the last election to slash power bills by $275.

He has hinted any spending measures in the Budget would be designed to address inflationary pressures.

But with an election looming, there are risks a government seeking re-election will give inflationary sweeteners to voters, with university students already …