Your wrap up of what this budget means for you.

As Australians continue to grapple with cost-of-living pressures, Federal Treasurer Jim Chalmers has handed down the Albanese Government’s first Budget.

Among the proposals are increased subsidies for young families to access childcare, assistance for regional Australians to buy their first home and incentives for older Australians to stay in the workforce.

Read on for a round-up of how the proposals might affect your household expenses and financial future.

And remember, many of these proposals could change as legislation passes through parliament. Legislation passed by the Australian Parliament does not become law until it is formally accepted by the Governor-General. The process is referred to as Royal Assent.