What does the budget mean for you?

Labor has handed down its first budget, amid an uncertain economic outlook and as cost of living pressures bite at home.

This budget was about delivering on election promises, including increasing child care subsidies. It has also revealed soaring energy prices and rising interest rates will drag household spending down to near-recessionary levels by the end of next year.

Chief political correspondent David Crowe and senior economics correspondent Shane Wright join economics correspondent Rachel Clun, to dissect the government's spending, saving and what comes next. 

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