The federal budget included a $300 energy rebate for all households, as well as a price cap on medicines, a boost to rent assistance and cuts for all taxpayers that will kick in from July.

Dr Chalmers said the budget would put downward pressure on inflation, but has faced early criticism that wealthy Australians would receive some of the support measures that could have been means tested.

“We recognise that that a lot of people are under a lot of pressure, and because of this budget, more help is on the way,” he told ABC TV.

“Once you go beyond people on pensions and payments, the simplest, most efficient, most effective way is to provide (support) more broadly,” Dr Chalmers said, adding “there’s targeted relief, too”.

More than 10 million households will receive a $300 energy bill rebate, to be paid as a $75 credit on each quarterly bill, while small businesses will receive $325.

Commonwealth rent assistance has also been bolstered by 10 per cent, with those on the payments to receive an extra $19 on average per fortnight.

The cost of medicines will be frozen, with prescriptions for medicines on the Pharmaceutical Benefits Scheme to be capped at $31.60, as well as limits of $7.70 for concessions and pensioners.

Shadow Treasurer Angus Taylor said the cost-of-living relief measures did not go far enough in addressing inflation issues.

“What’s clear in this budget is (the government’s) not going to the source of the problem, they’re putting a band-aid on a bullet wound,” he told ABC.

“It’s a political, big-spending budget, designed for an election, not for an inflationary cost-of-living crisis.”

The Australian Council of Social Service said the budget had a “gaping hole” in its heart by not having an increase in unemployment payments and income support.

“It cruelly denies the increase in income support that over one million people struggling to survive on JobSeeker and Youth Allowance desperately need,” the organisation said in a statement.

“Extending (the energy rebate) to everyone – regardless of income – is extraordinarily wasteful. It does not target support to people most in need.”

Greens leader Adam Bandt said the budget was a betrayal of renters, women, students and mortgage holders.

He said the government is posting an expected $9.3 billion surplus for 2023/24 at the expense of many of those hit by high prices.

“In a cost-of-living crisis, a surplus isn’t an achievement. Labor’s surplus won’t put food on the table or pay bills for a struggling family,” he said.

“Labor’s budget surplus is your cost-of-living pain, your gap fee at the doctor, and your 10-year wait for a public home.”

The treasurer will further spruik the federal budget when he addresses the National Press Club on Wednesday.