The Albanese government is considering going it alone with a second round of power bill discounts at the May 14 budget, arguing that like the initial relief handed out last year, the assistance would be non-inflationary.

Treasurer Jim Chalmers is also pushing back at claims that the Future Made in Australia Act will somehow exacerbate inflation, given the money pledged in terms of loans, grants and equity stakes is designed to be spent over the medium and longer terms.