That’s a wrap for today’s budget edition of the Need to Know blog. Thanks for reading.

Here are some of today’s biggest stories:

• Treasurer Jim Chalmers has unveiled a surprise new set of tax cuts of all Australian workers as he handed down Labor’s pre-election budget with a $27 billion deficit.
• Chalmers may have delivered a politically clever budget, but he is amassing more on the national credit card without a plan to pay for it, writes John Kehoe.
• Labor will ban non-compete clauses for workers paid up to $175,000 – and could extend the change to higher earners.
• The Queensland government has revealed plans to build a new 63,000-seat stadium for the Brisbane Olympics.
• Former Channel Seven broadcaster and Perth Lord Mayor Basil Zempilas will become the next leader of the West Australian Liberals.