As you'd expect given a federal election is at most a couple of months away, Treasurer Jim Chalmers' fourth and possibly final budget was a modest one.
Nevertheless, there were still several fresh policy announcements that might mean more money in the pocket of everyday Australians.
Tax cuts for 2026 onwards
The government plans to deliver two new tax cuts over the next two years to the lowest income tax bracket.
The 16% tax rate which applies to taxable income between $18,201 and $45,000 will be reduced to 15% from 1 July 2026 and then 14% from 1 July 2027.
Addressing parliament, Mr Chalmers said when fully implemented this will mean an Aussie earning the average salary will pay $536 less in tax.
$150 energy subsidy
Cost of living relief was one of the major emphases of the 25/26 budget, with the most direct measure being an extension of energy bill subsidies.
Every household in Australia, as well as many small businesses, will automatically be credited with a $150 bill energy rebate from 1 July.
Last year's budget contained a similar rebate of $300, which the ABS credits for a significant reduction in energy prices during the second half of 2024.
Energy prices fell 9.9% in the December quarter - the data suggests were it not for the rebate, prices would have increased 0.2%.
However, the rebates have been criticised, with some suggesting the roughly $1.8 billion could have been better spent addressing the underlying causes of soaring energy prices.
Research commissioned by independent senator David Pocock found the money spent on energy rebates since 2022 could have been used to buy more than 500,000 solar batteries.
Student debt relief
Another eye catcher from this year's budget was a roughly $16 billion reduction in existing student debt.
From 1 June, all Australians with a student loan will have their outstanding balance cut by 20%, before indexation.
Bulk billing incentives
First announced in February, it's now confirmed the government plans to spend about $8.5 billion over the next four years to expand bulk billing.
Incentives for bulk billing - extra payments on top of Medicare claims that go to practices that use bulk billing - will be significantly increased, particularly for more remote areas.
For example, for a standard consultation (less than 20 minutes) in a small rural town that practices bulk billing, the current Medicare rebate is $42.85.
From 1 November, this will go up 98% to $84.86.
Measures against draught beer inflation
It was easy for miss, but for some Aussies, the biggest news was buried deep within the budget documents - indexation on the excise on draught beer and excise equivalent customs duties will be paused for a two year period from August 2025.
The savings will be modest, working out at less than a cent a pint, but the Coalition has committed to matching this policy if elected in the coming weeks.
The big picture
Australia is now officially back in the red with an estimated $42.1 billion deficit, equivalent to about 1.5% of GDP.
Seasoned budget observers will note the 'total policy decisions impact on underlying cash balance', which worked out to be -$7.2 billion - that basically means the amount that the government's policy changes increased the deficit by.
Nevertheless, this budget projects that the Federal Government will be about $207 billion better off by 2028/2029 compared to the 2022 Pre-election Economic and Fiscal Outlook (PEFO), when the Coalition was in power.
Off budget spending
That $42.1 billion is the 'underlying' deficit which compares expenses and revenues.
However, there's another number known as the headline deficit, which also includes investments not deemed to be expenses - think projects like the National Broadband Network (NBN).
At $65.2 billion the headline deficit is significantly higher, making up 2.3% of GDP.
Picture from Jim Chalmers' Twitter
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