Economists warn a federal government cost-of-living relief package should target the most vulnerable or risk stoking inflation that could delay when the Reserve Bank can start cutting interest rates.

Prime Minister Anthony Albanese looks set to release a new relief package this week as the government attempts to reset its fortunes after lagging in the polls. Treasurer Jim Chalmers and the Treasury are scheduled to provide the final pieces of advice on the various options that will need to balance voter expectations against the risk to prices.