Federal budget: Labor is now setting its own agenda

Or perhaps it is all that far too recent history. The Coalition got us through the first rough years of the pandemic, but it back-ended its nine-year rule with a heavy load of pork barrelling and a fair bit of dodging on climate change action.

The government has done its level best to lower expectations and insist it is being responsible with our money.

What do we have here in this much promised "bread and butter" go at the nation's books? A mini-budget, a mid-year update on steroids. A reset for a party which played reasonably coy in the lead up to the May 21 election.

"Restraint is the name of the game in this budget," Dr Chalmers said on Tuesday, reaching for the title of economic conservative.

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There's "hard decisions for hard times" and increasing spending would only add more fuel to the inflation fire.

So out with the old, in with getting real. The plan is to try to boost productivity, hence paid parental leave expansion and the national kick-along for affordable housing across the nation.

By most accounts, the Australian economy is in a pretty good position for all the rising inflation and global uncertainty that threatens the US, China and Europe, but there is also that eye watering debt figure.

Budgets are always about priorities and the government has been presented with the big five unavoidable spends: defence, health, aged care, NDIS and debt management.

"We choose dignity for Australians with disability. This budget begins the task of repairing the NDIS and securing its future," the Treasurer said.

The Albanese Labor government is now five months and one budget old, with remaining capital to point the finger.

But for how much longer?

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After picking off low-hanging Morrison government fruit, Labor is now setting its own agenda and timelines.

Notably, it appears the promise to boost real wages will have to wait until at least 2024.

This is an exercise in lowering the heat and trying to give a sort of steady hand comfort while other finance ministers around the world are starting to don flak jackets.

A new road starts here on spending and tax reform and Dr Chalmers said it can't wait for another three or four budgets, "It has been neglected for too long."

And after all there is another budget coming in just over six short months.