Retailers and car-related stocks are tipped to benefit from a bounce in consumer spending and people doing more driving, after the budget promised voters $8.6 billion to address cost of living pressures, including the high price of petrol.

After the government temporarily slashed fuel excise and announced new payments and tax rebates for consumers on Tuesday night, analysts at UBS said retailers that served “less affluent” consumers stood to gain.

UBS strategist Richard Schellbach said potential beneficiaries included Coles, fashion retailer City Chic, homewares store Adairs, fast food giant Collins Foods, and Super Retail Group, which owns brands Supercheap Auto, BCF, Rebel and Macpac.

The budget included a one-off $250 payment to six million pensioners, carers, veterans, job seekers and concession card holders. It also included a one-off $420 increase in a low and middle income tax offset, which more than 10 million Australians earning up to $126,000 a year are set to receive after they file their tax returns for 2021-2022 financial year.

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“We believe that this budget should help alleviate some of the cost of living pressures which have recently begun to weigh on consumer sentiment measures,” Mr Schellback said in a note to clients.

The budget also halved fuel excise until September, a move aimed at cutting high bowser prices, and Mr Schellback said auto stocks would benefit from people driving more, and thereby spending more on parts and servicing.

Potential winners included fuel retailer Ampol, car parts retailer Bapcor, car dealerships Eagers Automotive and Autosports Group, and fuel supplier Viva Energy, Mr Schellback said.

MST Marquee analyst Craig Woolford said he thought the budget would stimulate retail spending, and pointed to his “buy” rating on stocks including Super Retail Group, Metcash, JB Hi-fi, and Harvey Norman.