Jim Chalmers calls this Budget "responsible and restrained" – to ease cost of living pressures while investing in the hallmark "Future Made in Australia".

But it also walks a fine line between charting Australia's economic destiny and helping households doing it tough – with the challenge of not stoking inflation.

So .. will energy rebates for all households and some small businesses of $3.5 billion .. cheaper medicines on the PBS .. and rental subsidies inflame rather than tame inflation if people have more money in their pockets and decide to spend rather than save?

Johnathan McMenamin is senior economist at Barrenjoey Capital says this Budget strikes that balance.