Professor Robert Brooks from Monash University’s Department of Econometrics and Business Statistics said while many Australians may benefit from the federal budget announcements, they shouldn’t expect any radical changes to their finances.

“There is a strong narrative for want of a better term, of responsible economic management.”

How will the federal budget impact you?

“The government is looking to keep inflation down to a desirable level, so its economic policy will be consistent with measures that reduce inflation and less government spending,” he said.

“Given some budget measures have already been announced, there shouldn’t be any surprises for the stock market either.”

What does the budget say about the economy?

This time, however, Labor will announce a budget in deficit, meaning the government is spending more than it earns.

“Some years spending will be higher or lower, it’s a normal process the government will go through.”

What are Labor’s priorities?

One key aspect to look out for is the forward estimates, which show how much the government plans to allocate to various areas in the coming years.

Which groups could Labor target in tonight’s budget?

This year’s budget is different, as the country heads to the polls by 17 May, keeping the election “front of mind” for Labor, Brooks said.

“Everyone should pay attention to the budget, as the policies could affect someone greatly, and it’s a good way to determine if the government has your best interests in mind.”