Federal Treasurer Jim Chalmers has tonight handed down a Federal Budget that focuses on fulfilling Labor’s election commitments and addressing cost of living pressures, against a backdrop of a difficult global economic outlook.

The budget sees a focus on affordable childcare, extending the Government Paid Parental Leave scheme, cheaper medicines, investments in more affordable housing and wages.

The annual cost of the NDIS in the budget papers is $35 billion in 2022-23 and is forecast to surpass $50 billion by 2025-26. It is being pegged by commentators as Australia’s second most expensive social program after the aged care pension.