Australia news live: Chalmers says budget will pay down more debt; families of Bondi shooting victims to take stand at royal commission

Treasurer says next week’s budget will save more than it spends. Follow today’s news live

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The government is boasting of making bigger than usual savings in next week’s budget, with Jim Chalmers saying his fourth budget will have “more restraint”.

The treasurer said:

Responsible economic management has been a hallmark of this Albanese Government and the May Budget will be our most responsible yet.

We’re getting the budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.

In this Budget you’ll see more responsible economic management and more restraint from the Albanese Government.