The Latest Breaking News from Josh Frydenberg

Australia's Treasurer Josh Frydenberg says the government's upcoming budget will increase spending on defense and national security while reducing household expenses

Here's your TL;DR for this morning's news.

A decade ago, and years before Treasurer Josh Frydenberg promised a budget that was “back in the black”, Prime Minister Julia Gillard promised the same thing.

The expectations of Scott Morrison and Treasurer Josh Frydenberg repeating their escape from the political pickle they are in with the budget are low.

Scott Morrison is gone. Anthony Albanese will win the election. Josh Frydenberg is fighting to save some of the furniture. There, it’s been said.

Australians will get one-off cash handouts and tax breaks and pay less for fuel under a raft of pre-election sweeteners announced in the federal budget.

Treasurer Josh Frydenberg has banked the windfall from strong economic growth, low unemployment and a spike in commodity prices.

Josh Frydenberg's fourth federal budget will forecast an improved bottom line, with deficits expected to shrink by tens of billions of dollars, and unemployment predicted to reach 50-year lows.

The federal budget will forecast the unemployment rate falling to 3.75 per cent later this year, well below what was expected just a few months ago.

Most commentators on the coming federal election probably see a hung parliament and a minority government as one possible outcome. There is already a crossbench of seven, with five independents plus Liberal defector Craig Kelly for the United Australia Party and Greens leader Adam Bandt.

Tuesday night's federal budget is expected to include a cut to the fuel excise as well as assistance for more first home buyers.