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Millions of Australians are set to benefit from cost of living relief, free GP visits and lower than expected power prices.

Treasurer Jim Chalmers has promised the relief measures won't worsen already high inflation, treading a delicate balance as he handed down his second budget in Canberra on Tuesday.

An increase to welfare payments, a boost to bulk billing and energy bill relief are some of the key items in the 2023/24 budget, which includes $14.6 billion in targeted cost of living measures at a time of global economic uncertainty.

The treasurer trumpeted a previously flagged surplus for the current financial year of $4.2 billion, but it won't continue for long, with a $13.9 billion deficit forecast for 2023/24.

Deficits will continue until at least 2026/27, albeit at much lower levels driven by improvement to the budget bottom line.

Dr Chalmers said cost of living support measures would reduce inflation by 0.75 per cent in the next financial year.

"In all our decisions, we seek to strike a considered, methodical balance between spending restraint to keep the pressure off inflation, while doing what we can to help people struggling to make ends meet," he said in his budget speech.

"This budget is carefully calibrated to alleviate inflationary pressures, not add to them."

The measures include the new expansion to bulk billing, with a $3.5 billion boost that will provide free GP consults to more than 11 million eligible patients.

The bulk billing incentive has been tripled for GP appointments for concession card holders and patients under the age of 16.

As well, the base rate of JobSeeker and Youth Allowance will rise by $40 a fortnight from September.

Eligibility for a higher rate of JobSeeker will be lowered from 60 to 55, following a rise in the number of older Australians on the payment.

About 52,000 Australians aged between 55 and 59 will get an extra $92.10 per fortnight under the higher JobSeeker rate.

It's estimated $4.9 billion will be spent during the next five years to support more than 1.1 million people receiving income support.

Single parents will also see a boost, with the threshold for the single parent payment increasing to when the youngest child turns 14, up from the previous limit of eight-years-old.

The government will also increase the maximum rate of commonwealth rent assistance by 15 per cent for 1.1 million households, which is set to cost $2.7 billion over the next five years

With rising power prices being one of the biggest costs to households, energy bill relief has also been a key feature of the federal budget.

The government has set aside $3 billion in relief measures as part of partnerships with states and territories.

Energy bill relief of $500 will be handed out to five million households, while $650 payments will be sent to one million small businesses.

It's forecast energy relief measures would lead price increases for electricity being 25 percentage points less, while gas prices rises will be 16 percentage points lower.

Changes to medicines have also been included in the budget which will see patients able to get two months' worth of medicine at once.

The measure is expected to save $1.6 billion over the next four years.

Medicare will also be bolstered with a $5.7 billion investment, which will aim to increase access to primary care and allow for GPs to stay open for longer hours.

While the budget has forecast inflation to have peaked and is falling, it won't be back in the central bank's preferred target band of two to three per cent until 2024/25.

The nation's underlying cash balance has improved by more than $125 billion during the five years to 2026/27.

© AAP 2023

Millions of Australians are set to benefit from cost-of-living relief, free GP visits and lower than expected power prices.

Treasurer Jim Chalmers promised the relief measures would not worsen already high inflation, treading a delicate balance while handing down his second budget.

An increase to welfare payments, boost to bulk billing and energy bill relief are some of the key items in the 2023/24 budget, which includes $14.6 billion in targeted cost-of-living measures at a time of global economic uncertainty.

The treasurer trumpeted a surplus for the current financial year of $4.2 billion, but it won't continue for long, with a $13.9 billion deficit forecast for 2023/24.

Deficits will continue until at least 2026/27, albeit at much lower levels, driven by improvement to the budget bottom line.

Dr Chalmers said cost-of-living measures would reduce inflation by 0.75 per cent in the next financial year.

"In all our decisions, we seek to strike a considered, methodical balance between spending restraint to keep the pressure off inflation, while doing what we can to help people struggling to make ends meet," he said.

The measures include the expansion to bulk billing, with a $3.5 billion boost to provide free GP consults to more than 11 million patients.

The bulk billing incentive has been tripled for GP appointments for concession card holders and patients aged under 16.

As well, the base rate of JobSeeker and Youth Allowance will rise by $40 a fortnight from September.

"We understand that there will be people who are saying $40 a fortnight is not enough, there will be some who will be saying it is too much," Dr Chalmers said.

"We think we've struck the right balance between what we can afford and taking into consideration the economic pressures in the economy."

Eligibility for a higher rate of JobSeeker will also be lowered from 60 to 55, following a rise in the number of older Australians on the payment.

About 52,000 Australians aged between 55 and 59 will get an extra $92.10 per fortnight.

Almost $5 billion will be spent over the next five years to support more than 1.1 million people on income support.

Single parents will see a boost, with the threshold for the single parent payment increasing to when the youngest child turns 14, up from the previous limit of eight years old.

The maximum rate of Commonwealth rent assistance will also rise by 15 per cent for 1.1 million households.

With rising power prices being one of the biggest costs to households, energy bill relief has also been a key feature of the federal budget.

The government has set aside $3 billion in relief measures as part of partnerships with states and territories.

Energy bill relief of $500 will be handed out to five million households, while $650 payments will be sent to one million small businesses.

It's forecast energy relief measures would lead to price increases for electricity being 25 percentage points less, while gas prices rises will be 16 percentage points lower.

ACTU president Michele O'Neil said the relief measures were much needed.

"After a decade of neglect and policies that have driven down wages, getting wages moving is still one of the biggest challenges for the economy," she said.

Australian Chamber of Commerce and Industry chief executive Andrew McKellar said while a surplus was delivered, economic uncertainty remained.

"With the prospect of returning to a structural deficit of more than $35 billion in two years, we cannot rely on record commodity windfalls, strong migration inflows and an ultra-tight labour market to drive down debt," he said.

© AAP 2023

King Charles has given "sincere and heartfelt" thanks to everyone involved in his coronation weekend and said he and his wife Camilla would rededicate their lives to service as three days of celebrations drew to a close.

Amid pomp and pageantry, Charles and Camilla were crowned at London's Westminster Abbey on Saturday in Britain's biggest ceremonial event in 70 years.

In an echo of his late mother Queen Elizabeth's Platinum Jubilee message last June, before she died three months later, Charles and Camilla reiterated their pledge to serve.

"As the Coronation weekend draws to a close, my wife and I just wanted to share our most sincere and heartfelt thanks to all those who have helped to make this such a special occasion," Charles said in a statement on Monday, paying tribute to those who made the weekend possible and those who joined in celebrations.

"To know that we have your support and encouragement, and to witness your kindness expressed in so many different ways, has been the greatest possible coronation gift, as we now rededicate our lives to serving the people of the United Kingdom, the realms and Commonwealth."

The statement came at the end of three days of celebrations, and was accompanied by four official photos of Charles, Camilla and members of the royal family.

Festivities included a coronation concert featuring singers including Lionel Richie and Katy Perry, as the royals joined a 20,000-person audience at Windsor, the king's palace to the west of London.

In a surprise comedy sketch after the concert, Charles and Camilla interrupted Richie and Perry as they were relaying their experience of the weekend on TV show American Idol, on which the singers are judges.

Charles asked Richie whether the singers will be there "all night long", in reference to one of Richie's hits.

"I just wanted to check how long you'll be using this room for?" asked a chuckling Charles.

Rounding off a long holiday weekend of street parties and celebrations, Monday saw thousands of organisations get together for a volunteering programme.

Charles' son William and his wife Kate took part in 'The Big Help Out' by visiting a scout group in Slough, near Windsor, with their children. Kate is president of the Scout Association.

It was the first royal engagement for their younger son Louis, five, who shovelled, pushed a wheelbarrow, and even operated a digger, with supervision from his father.

Other members of the royal family volunteered at events around the country, as did Prime Minister Rishi Sunak and leader of the opposition Labour Party Keir Starmer.

"On the weekend, I think no other country in the world could put on such a dazzling spectacle," Sunak told broadcasters.

"It was deeply moving to be in the coronation service and incredibly uplifting, and it's an experience I think that nobody will forget for the rest of their lives."

© RAW 2023