Prime Minister Scott Morrison says cost of living pressures will be addressed in the federal budget, with the government tipped to temporarily slash the fuel excise.
Treasurer Josh Frydenberg hands down his fourth federal budget on Tuesday which is expected to include a fuel excise cut of 10 to 20 cents per litre for six months, as petrol prices rise above $2 a litre.
“This budget is about addressing the cost of living pressures being faced by Australian families,” Mr Morrison told reporters in Sydney on Monday.
“It’s about the long-term plan that Australians need to grow their economy and deal with the uncertainties that are ahead.”
Mr Morrison denied the government was attempting to use the budget as a way to buy votes before the election, due to be held in May.
The prime minister is expected to call the election shortly after Tuesday’s budget.
Opposition Leader Anthony Albanese said Labor would closely examine policies in the budget that would assist with the cost of living on its merits.
“We don’t know what is in the budget. So, we can’t give guarantees as to our position,” he told reporters in Canberra on Monday.
“What we promise is that we will be doing our bit to assist real wage increases.”
Tuesday night’s budget will also include more help for first home buyers.
The Home Guarantee Scheme will double to 50,000 places to support more first home buyers with a five per cent deposit.
There will be an additional 35,000 places available for first home buyers, 5000 places for single parents and 10,000 places for people who buy or build a new home in a regional area.