Labor’s first federal budget in a decade has been handed down, with a focus on easing cost-of-living pressures for families. 

Affordable housing and childcare, along with investment in skills and clean energy are the focus of Labor’s financial blueprint.

Treasurer Jim Chalmers announced plans to build one-million new houses across the county.

The scheme will involve collaboration between the Commonwealth, states and territories, in a bid to boosting housing supply and affordability.

Michael Pachi, National Political Editor 6PR/Nine Radio, shared his budget analysis with Oliver Peterson on Perth Live.

“Absolutely no surprises, pretty much everything in that budget speech we have heard all before in recent weeks, including today with the housing announcement which was essentially the centre piece of this budget.”

“In terms of anything substantial in tonights budget, there is absolutely nothing.”

Press PLAY to hear Michael Pachi’s full analysis

Aaron Morey, Chief economist at the Chamber of Commerce and Industry WA, told Oliver Peterson on Perth Live that there was not a lot in the budget for Western Australia.

“The government has just sort of got their feet under the table but I do have some concern around an announcement they made about establishing a South Australian defence industry workforce and skills task force,” he told Oly.

“Western Australia is the natural location for many of those defence assets and so we are keen to see the federal government put a lot more focus on the role WA can play beyond mining and commodities.”

Press PLAY to hear Aaron Morey’s full analysis

The Treasurer also announced a $20 billion fund for energy transmission to drive investment in renewable energy.

He says this includes $800 million spending on subsidising electric cars, building national electric and hydrogen charging stations and solar battery storage for homes.

Chalmers also outlined a $7.5 billion subsidy package to deliver what he says is “responsible cost-of-living relief”.

Chalmers has also confirmed that $3 billion will be spent on natural disaster relief.

Labor’s first budget in almost a decade forecasts real wages will not start to grow until 2024, when unemployment is tipped to have increased 1 per cent to 4.5 per cent.

Press PLAY to hear the full announcement from Treasurer Jim Chalmers