At a glance: Your five minute wrap-up of the budget's key measures

Here are the main takeaways:

A surplus is expected for a second year in a row, estimated at $9.3b before dropping back into deficit for the next four years. Inflation predicted to come down more quickly than previously expected, possibly within the Reserve Bank's target range by the end of 2024. Growth expected to slow, and the unemployment rate is expected to increase to 4.5 per cent next year.

$300 rebate on energy bills for every household, $325 for eligible small businesses. All 13.6 million taxpayers to receive a tax cut, as previously flagged. One-year freeze on Pharmaceutical Benefits Scheme co-payment, five year freeze for pensioners and concession card holders.

Commonwealth Rent Assistance rates increase by further 10 per cent. Funding for 40,000 social and affordable homes. Commonwealth to double funding for homelessness services, to be matched by states and territories. Increase in concessional loans to charities and social housing providers. Lower investment fee for foreign investors purchasing established build-to-rent properties.

Cut to student loan debts, with a cap to the HELP indexation rate, backdated to July 2023. International university student numbers limited based on how much accommodation universities build.

Extra $1.1b investment in women's safety programs. New Leaving Violence Program to help women escaping violence at home with up to $5000 financial support payments. Expansion of paid Parental Leave scheme to four weeks from July 2025, parents will be able to take a portion of the leave at the same time. Boosts to wages for childcare sector workers.

Further 29 Medicare urgent care clinics to be built. Wage increases for both aged care and childcare workers. Boost to states and territories to free up hospital capacity to help older Australians avoid hospital admission. Overhaul to mental health and suicide prevention system over the next eight years. An additional 24,100 home care packages to support older Australians wanting to stay in their homes. $2.2B towards implementation of Royal Commission recommendations.

$6.7b tax incentives for production of hydrogen, further funding for green industries such as low-carbon fuels and green metal production. $7b tax incentive for the processing and refining of critical minerals and funding to map geological potential of renewable resources.

SMALL BUSINESS

$20,000 instant asset write-off extended to June 30, assistance for farmers and rural communities to reduce emissions.

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