The Albanese government is mulling a third successive round of power bill discounts to take to the next election, as Treasurer Jim Chalmers claims federal government spending is keeping the economy afloat but not putting upward pressure on inflation.

The government is in the final phases of preparing the mid-year economic and fiscal outlook (MYEFO), to be released the week after next, and has been examining the power bill discounts as part of a broader cost of living package.