Treasurer Jim Chalmers has handed down Labor’s first budget since the election, making good on a range of election pledges while cracking down on “rorts and waste” across the budget.

Delivering his budget speech against the backdrop of rising inflation and a global economic downturn, Dr Chalmers said the package of reforms was responsible and restrained.

Here’s what’s in it for you

A $4.7 billion cheaper childcare package was one of Labor’s biggest election commitments, with reforms to come into effect from July 2023.

Labor made big promises at the election to reform Australia’s aged-care sector, with $3.9 billion budgeted to improve services and extra cash to allow more older Australians to add money to their retirement savings.

The government has outlaid more than $1.9 billion over the next five years for Australia’s students, with new subsidised vocational and university courses as well as school upgrades.

More than $2.8 billion has been set aside in the budget to reduce medicine costs and improve healthcare outcomes for Australians, with an emphasis on regional areas.

The Albanese government pledged to increase visas and fast-track processing times at the Jobs and Skills Summit last month.

There were also goodies in the budget for motorists and internet users, with billions in funding committed to plans to improve electric vehicle uptake and connect more homes to the National Broadband Network.