In his final appearance before he hands down his fourth budget on Tuesday evening, Mr Frydenberg said changes have been introduced to ease living costs temporarily and provide a long-term plan for the economy.
"Tonight's budget delivers for Australian families, for seniors, for small businesses with cost of living relief now in a temporary, targeted and responsible way," he told reporters in Canberra on Tuesday.
Mr Frydenberg is also pitching the budget as a long-term economic plan providing skills, building more roads, funding national security, driving down the cost of energy and rolling out essential services.
The 2022/23 budget is expected to show the unemployment rate dropping to 3.75 per cent by the September quarter this year, its lowest level in almost 50 years.
It is also expected to include one-off payments of $250 for low-income Australians.
Opposition Leader Anthony Albanese says while Labor will not stand in the way of such payments, the timing is suspicious in light of a looming election.
"What we need is a plan for the economy, not a plan to get the coalition a fourth term in office," he told ABC Radio National on Tuesday.
"That's all we're seeing from this government - it's long on politics and short on plans."
Mr Albanese says the government does not have a long-term plan for easing cost of living pressures in the future.
He says Labor's plan if elected includes raising wages, easing childcare costs, and introducing productivity measures such as free TAFE to upskill workers.
Prime Minister Scott Morrison is expected to trigger a May election after letting the dust settle on the coalition's post-budget pitch.
The government hopes to use the budget as a political springboard for the upcoming federal poll.
As petrol prices pass $2 a litre, the fuel excise is widely expected to be cut by 10 to 20 cents per litre for six months.
In addition, the budget will include $49.5 million to be spent over the next two years on additional subsidised vocational education training places.
The new places can be accessed by those working in the aged care sector or those interested in working in the area.
The budget deficit is expected to be lower than the $98.9 billion estimated for 2022/23 in last year's mid-year budget review.
Swathes of money have already been set aside for infrastructure projects, with more than $120 billion to be spent over the next decade.
The government has already announced an extension of the 50 per cent reduction in minimum drawdown requirements until June 30 next year for self-funded retirees.
The home guarantee scheme has also been extended to 50,000 places a year.
Mr Albanese will deliver his budget reply speech on Thursday night.
9°C