Treasurer Jim Chalmers has described helping Australians with the cost-of-living crisis as the government's "number one priority".

Amid persistent inflation and a slowing economy, it's no surprise that the issue was top of the government's federal budget agenda — so much so it was in the title: Cost-of-living help and a future made in Australia — with $7.8 billion earmarked for relief on top of the already announced changes to the stage 3 tax cuts.

"It’s a responsible budget that helps people under pressure today and invests in the promise and potential of the more prosperous future we can make together," Mr Chalmers said as he handed down his third budget.

So what exactly is in the budget to help Australians feeling the pinch? Here's a super quick guide to the cost-of-living relief.

Most of us will get a tax cut

We already knew this was coming, but the reworked stage 3 tax cuts are the centrepiece of the government's relief measures. 

Everyone who earns more than the $18,200 tax-free threshold per year will get a tax cut, which means more than 13.6 million Australians will be better off.

For the 8.2 million taxpayers who earn between $45,000 and $135,000 a year, this means tax relief of between $804 and $3,729 come July.

Find out exactly how much you're going to get back with the calculator below.

Power bill rebates are coming

Every household will receive a $300 rebate on their electricity bills throughout the year from July 1 and 1 million small businesses will get a rebate of $325.

In practical terms, this means Australians who pay their electricity bills quarterly will see a $75 discount on each of their bills over the coming financial year, at a cost to the budget of $3.5 billion. 

The credits will be delivered in the same way as the relief announced in last year's budget, in which $500 was paid out but only to certain eligible groups, like pensioners and households receiving government support. 

The government expects the rebate to directly reduce headline inflation, rather than adding to the pressures. 

Rent assistance is going up

In good news for nearly 1 million low-income households receiving the Commonwealth Rent Assistance payment, the maximum rate is set to increase for the second year running.

The government has pledged an additional $1.9 billion over five years to increase the rate by a further 10 per cent, following on from the 15 per cent increase in last year's budget. The latest change will come in from September 20 this year.

"It’s the first back-to-back increase … in more than 30 years," Mr Chalmers said on Tuesday. "And more much-needed help for young people and renters of all ages doing it tough."

Rent assistance is available to people who receive government support payments and also rent their home. 

Social Services Minister Amanda Rishworth says the increase will have a positive impact on vulnerable groups, particularly single women and single parents who make up just over half of rent assistantance recipients who are eligible for the maximum payment. 

Medicine will be cheaper

Those with a Medicare card will benefit from a one-year freeze on increases to the maximum Pharmaceutical Benefits Scheme (PBS) co-payment, which will be extended to five years for pensioners and other concession card holders.

In practice, this means medicines listed on the scheme will be capped at a maximum cost of $31.60 and no concession card holder — who make up six-out-of-10 prescriptions on the PBS — will pay more than $7.70 for their medication until 2030. 

This will cost the budget $318 million over the five years from 2023-24, and according to Health Minister Mark Butler, will mean "medicines stay cheaper instead of rising each year with inflation".

Extra support for pensioners 

Social security deeming rates — which are part of the income test for Centrelink payments, including the age pension — will be frozen at their current levels for another 12 months until June next year. 

Deeming is the system the government uses to work out how much pensioners make from their financial assets, like shares and superannuation. If the investment return is higher than the deemed rate, the extra money isn't counted as part of the income test for the age pension. 

The government says the freeze will help around 876,000 income support recipients — including around 450,000 age pensioners — who rely on income from their investments as well as government payments to "manage cost of living pressures".