The federal government’s “spendathon” budget is set to be a boon for a number of stocks on the local sharemarket, pumping billions into the economy over the next several months, with domestic-facing consumer stocks set to receive the biggest boost.

The extension of personal tax cuts for low- and middle-income earners, the extension of generous business tax incentives, and specific support measures for industries have created a tailwind for a number of stocks, helping to support the market as it again challenges record highs.