Treasurer Jim Chalmers has effectively admitted Labor won’t keep its election promise to reduce power bills by $275, but argued the government’s energy rebates have taken the edge off high prices and warned consumers would be worse off under the opposition’s nuclear plan.

During a pre-budget address and question-and-answer session in Brisbane on Tuesday, Chalmers said the few budget measures the government had yet to announce included “meaningful and substantial” cost-of-living assistance.