PETER STEFANOVIC, HOST: Every household will see its power bills slashed by $300 as part of a nearly $8 billion cost of living package. It's a move Treasury says will cut inflation by half a percentage point next financial year. Let's go to Canberra now. Joining us live is the Prime Minister, Anthony Albanese. PM, good to see you. Thanks for your time this morning. So, how much of your reelection hopes are now dependent on inflation being tackled by Christmas?

MATT SHIRVINGTON, HOST: Returning to our top story this morning, the Federal Budget, and I'd like to say good morning to the Prime Minister. Well, the Treasurer has essentially promised that we can have our cake and eat it too, so to speak. You're treading a tightrope at the moment, aren't you? Cost of living measures, trying to get more into the back pockets of Aussies, but also trying not to make inflation worse. Has it worked?

KARL STEFANOVIC, HOST: PM, good morning to you.

ANTHONY ALBANESE, PRIME MINISTER: G'day, Karl

STEFANOVIC: How do you explain how Jenny from the block in Yorkeys Knob gets the same power rebate as Gina from Noosa?

RICHARD KING, HOST: Good morning, Prime Minister.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, good to be with you.

KING: Yep, likewise. Jacqui Lambie, the $300 power bill relief, obviously, you know, when we talk about what's in it for me, that's probably number one for everybody. But a lot of people are suggesting it shouldn't be for everybody, Prime Minister.

Helping Australians with the cost of living is our Government’s number one priority.

This Budget delivers a tax cut for every taxpayer, provides new energy bill relief for every household, cuts student debt and increases rent assistance for nearly 1 million households.

The Albanese Labor Government knows many Australians are doing it tough and is focused on easing those pressures.

Our Budget centrepiece is a tax cut for every one of the nation’s 13.6 million taxpayers, which will begin flowing in less than seven weeks.

This is a responsible and restrained Budget which eases cost of living pressures and invests in a Future Made in Australia.

It provides a tax cut for every taxpayer and new help with energy bills, rent and the cost of medicines.

It builds more homes for Australians, reforms our universities, strengthens Medicare and the care economy, and broadens opportunity in our society.

Global economic uncertainty, high but moderating inflation and higher interest rates are contributing to cost of living pressures and combining to slow the economy.

The Albanese Labor Government will invest in a Future Made in Australia plan to bring new jobs and opportunities to communities in every part of our country.

Making our future here in Australia is about making the most of our nation’s potential and making sure everyone shares in the benefits.

Our plan will maximise the economic and industrial benefits of the international move to net zero and secure Australia’s place in a changing global economic and strategic landscape.

TOM ELLIOTT, HOST: Mr Albanese, good morning.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Tom. Good to be with you.

ELLIOTT: Now, I don't know how much about tonight's Budget you can tell us, but cost of living is the first, second, third and fourth most important thing in people's minds.

PRIME MINISTER: It sure is.

ELLIOTT: What are you going to do to make life easier for all of us?

Welcome back, friends.

And tomorrow's Budget, of course, will be a big night.

And for Jim and Katy and all the team, all the Ministers who've put this together, congratulations.

This will be a night of which you can all be very, very proud.

There will be, of course, two main things that have driven our government for the last two years that we'll celebrate next week.

But tomorrow night - help with the cost of living, the number one priority we have had.

And secondly, though, always having our eye on the future and making our future here in Australia.

National Cabinet met today to discuss housing reforms and agree practical measures to deliver secure and affordable housing to Australians.

First Ministers have bolstered their commitment to critical housing reform measures, by agreeing to sign the new five-year National Agreement on Social Housing and Homelessness, which will commence on 1 July 2024. The agreement reflects a shared commitment to improving social housing and addressing homelessness for Australians.