As it happened: Medicare boost, energy bill relief at forefront of cost of living relief measures; Australia’s economic growth set to slow to 1.5 per cent

The treasurer’s speech has concluded, so let’s go to our coverage.

What’s in the budget? Here’s a handy five-minute guide prepared by our federal politics reporter Paul Sakkal.

Political reporter Lisa Visentin and economics correspondent Rachel Clun take a look at how the budget affects you – from students to retirees

So, are you a winner or a loser? It’s our full guide to who has come out on top in tonight’s budget.

Do you just want the cold, hard numbers?

This one’s for you, it’s the budget explained in six charts.

The Age editorialises that while Jim Chalmers should rightly be pleased with his second budget which expects Australia’s first surplus in 15 years, the Treasurer’s self-professed economic caution, is actually timidity.

Read more from Editor Patrick Elligett: A balanced but timid budget

The Herald says that with the coalition misfiring, Labor wasted an opportunity to spend some political capital.

Read more from Bevan Shields: This was the moment for Labor to use its political capital

And that is where we will end our rolling coverage of tonight’s federal budget.

Thank you so much for joining us.

The promised electricity bill relief, worth $3 billion to taxpayers, will add up differently depending on which state or territory you live.

In total, five million households and one million businesses will have their bills rebated from July 1.

The rebates are being co-funded and administered by the states and territories which agreed that the states with the highest bills will pay more.

Those who benefit include pensioners, veterans, seniors and other concession card holders, as well as recipients of the Carer Allowance, Family Tax Benefit, and anyone eligible for existing state and territory electricity concession schemes.

The federal government will contribute $250 which will be matched by the governments of NSW, Victoria, Queensland, South Australia and Tasmania, meaning total relief will be $500.

But in Western Australia, the NT and ACT, the relief will be lower with those jurisdictions matching the Commonwealth’s contribution of $175, meaning a total rebate of $350.

For the one million eligible small businesses, the Commonwealth will contribute $325 which will amount to $650 for those in the states that have chosen to match that relief.

We’ve assembled an all-star cast of our commentators and reporters to give their verdicts on the budget.

Treasurer Jim Chalmers and Minister for Finance Katy Gallagher in the SMH and Age bureau during the Budget lock-up. May 9, 2023. Credit: Rhett Wyman

Read more: We’re back in surplus, but did Labor nail it? Our experts give their verdicts

The Australian Chamber of Commerce and Industry has given Treasurer Jim Chalmers a mixed report card.

ACCI chief executive Andrew McKellar said that while the budget was credible, the fact that the forecast $4 billion surplus returns to a structural deficit of more than $35 billion in two years shows that harder reform is needed.

“We cannot rely on record commodity windfalls, strong migration inflows and an ultra-tight labour market to drive down debt,” McKellar said.

“Going forward, business is looking to engage strongly with government on building an ambitious agenda for further fiscal repair, developing sharpened incentives to encourage new productive capacity, and planning to drive the economic growth needed to underwrite future investment.”

Finance Minister Katy Gallagher has been asked about the criticisms of the $40 increase to the JobSeeker payment which is being widely criticised from welfare groups, crossbench Senators and the Greens.

Finance Minister Katy Gallagher and Treasurer Jim Chalmers. Credit: Alex Ellinghausen

Gallagher told the ABC that the increase was “meaningful” but also cited inflation as a reason for not lifting it any higher.

“Well, I think, going back to your first question about people’s views on the inflation challenge in the economy and some of the decisions we’ve taken, we’ve had to be mindful of our spending decisions,” Gallagher said.

“We think it’s a meaningful increase to JobSeeker.

“Some people will say it’s too much. Some people will say it’s not enough.

“We think that we’ve got the balance right for this budget about what’s affordable, that doesn’t break the budget in the future, and gives people a bit of an extra helping hand.”

The criticism of the relatively meagre increases to JobSeeker is continuing to pour in, this time from crossbench Senator David Pocock.

Senator David Pocock.Credit: Alex Ellinghausen

Pocock, an Independent Senator for the ACT, told Sky News’ Kieran Gilbert that the $40 per fortnight increase to the unemployment benefit was laughable and embarrassing.

“This is something that is keeping people in poverty,” Pocock said.

Also critical of the boosts to JobSeeker welfare payments and rent assistance, (worth $40 and $30 per fortnight respectively) is the Australian Council of Social Services.

CEO Cassandra Goldie said the increases announced tonight by Treasurer Jim Chalmers were not enough.

“The real increases to base rates of JobSeeker, Youth Allowance, and Rent Assistance will still leave more than one million people in poverty, unable to cover the basics,” Goldie said.

“Whilst every dollar counts, the $20 a week increase to JobSeeker is well below the Economic Inclusion Advisory Committee’s finding that JobSeeker needs to rise by at least $128 a week to ensure people can cover the basics.

“Tonight, JobSeeker is still the lowest unemployment payment in the OECD, despite Australia being one of the wealthiest countries in the world.”

Greens leader Adam Bandt has criticised the budget as not doing enough for those most in need.

“Labor’s budget was a betrayal of renters, jobseekers and people doing it tough,” he said.

Greens leader Adam Bandt.Credit: Rhett Wyman

“Labor is choosing a surplus over supporting people who were counting on them.

“Labor may have given up on ‘no one left behind’, but we haven’t.

“We’ll fight to make sure this budget does what every government should: give people what they need to live with dignity.”

Treasurer Jim Chalmers announced $20 and $15.50 increases to JobSeeker and rent assistance payments respectively.

The Royal Australian College of GPs has praised tonight’s budget as a “game changer” for GPs, practices and patients.

Treasurer Jim Chalmers announced a $5.7 billion boost to Medicare spending. Around $3.5 billion of that is going towards funding more bulk-billing or free GP visits.

Dr Nicole Higgins from the college said that hiking Medicare rebates in July and November was a “good first step”.

“Tripling the bulk-billing incentive will help to increase access to care for those Australians who need it most and arrest the decline in bulk-billing,” Higgins said.

“The new Medicare item, Level E, for consultations over 60 minutes, will improve access to care for patients with complex needs, such as those with chronic conditions and mental health issues.”

Federal health reporter Natassia Chrysanthos explains how it will all work here.

Bringing you some more reactions to what’s in the budget but also what was not included.

Human rights organisation Amnesty International says it’s disappointed the Labor government has not increased the refugee intake.

“Labor promised to do more to respond to the escalating conflicts and ongoing crises of persecution and displacement in our region, and to increase refugee and humanitarian places that have fallen to near record lows of 13,750,” Amnesty refugee rights campaigner Zaki Haidari said.

“It is devastating for many communities to see no change in this budget, but with millions more allocated to detain refugees offshore.”

Amnesty said Australia’s intake lagged well behind other resettlement countries, such as Canada, which has committed to resettling approximately 50,000 refugees annually.