Treasurer Jim Chalmers announced a $300 energy rebate for all Australian households as part of a $7.8 billion cost-of-living package amidst a forecasted $28.3 billion deficit for 2024-25.

The 2024 federal budget includes $1.9 billion for increased rent assistance and $3 billion to freeze medicine co-payments, aiming to alleviate financial pressure without exacerbating inflation.

"Just as every Australian taxpayer will get a tax cut, every Australian household will get energy price relief," Chalmers said in his speech in parliament.

The Albanese government also plans investments in education, aged care, and border security.

The budget also outlines a long-term investment of $22.7 billion in green energy and innovation.