Cost of living budget support: Calculate your savings here

Treasurer Jim Chalmers has unveiled $7.8 billion worth of new cost of living measures. While every Australian is guaranteed at least $300 worth of relief, KPMG's Federal Budget calculator lets you see exactly how much of the package could be coming your way.

All Australians will see the government make a significant contribution to their power bill, with the Treasurer putting aside $3.5 billion for further subsidies. Meanwhile, renters will benefit from an additional 10 per cent increase to Commonwealth Rent Assistance as the government works to execute its ambitious housing agenda and bring costs down through boosting supply.

Mr Chalmers also announced a further freeze on medicine costs after Health Minister Mark Butler suggested earlier on Tuesday the government would seek to"strengthen" primary care and provide more funding for"our crucial public hospitals." Combined with a higher Energy Supplement rate the government says this will provide an increase of at least $54.90 per fortnight for each recipient.

Budget papers revealed eligibility for the existing higher base rate of JobSeeker will be expanded to include single recipients"with an assessed partial capacity to work between zero and 14 hours per week." Picture: NCA NewsWire/Martin Ollman

Energy Supplement Medicare Commonwealth Rent Assistance Pharmaceutical Benefits Scheme Jim Chalmers Mark Butler Consumer Price Index Social Security Medicine Costs Jobseeker Wage Price Index Cost Of Living Albanese Government Stage Three Tax Cuts Student Debt Budget Power Bills

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