After intense campaigning, including from inside Labor, the second Albanese government has revealed $4.9 billion rise to lift the base rate of all payments, as well as a $90 a fortnight rise for people aged between 55 and 59 on JobSeeker to bring them in line with people over 60 years.

There is also a 15 per cent increase in Commonwealth rent assistance in a cost-of-living centrepiece worth a $14.6 billion over four years which also comprises $1.5 billion worth of power bill relief and energy efficiency investment.

"Real relief, right off your power bill, right when you need it," Dr Chalmers told Parliament.

"The pressures on our budget are acute, but as a Labor government we will always strive to help those in need."

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The budget papers show that revenue is not keeping up when money is needed for aged care, the NDIS, defence, a buckling health system and paying down the debt.

Finance Minister Katy Gallagher said it is a tight budget which tries to "do a lot of things".

"The other big thing in this is cleaning up the mess," the ACT senator said.

"When you look at it over the two budgets, you find $11.6 billion to deal with the legacy programs, the unfunding of things."

The revelation of the $4 billion surplus is not a "back in black" moment.

Rather it is a sober assessment of what is to come.

"We expect that to be followed by a deficit of $13.9 billion in 2023-24 and lower deficits across the forward years compared with recent budgets, leading to a $125.6 billion improvement over five years and a much lower public debt burden," Dr Chalmers said.

Debt will be $300 billion lower by the end of the medium term, but it is still coming off a trillion.

The government is returning 82 per cent of the revenue windfall from lower employment, stronger jobs and wages growth, as well as high commodities prices, to pay down government debt.

In the energy relief package, 5.5 million households and small businesses will receive several hundred dollars in power bill relief, depending on where they live, in a 50-50 Commonwealth-state funded package worth a combined $3 billion.

"Because of our policies, electricity prices are expected to be around 25 percentage points less than what was projected, and 16 percentage points less for gas," Dr Chalmers said.

There is $1 billion, in part from the electrification deal with the Greens last December, to fund low-cost loans for double glazing, solar panels and other home improvements.

In a budget where many of the key indicators and announcements were flagged before Tuesday, there was a surprise health centrepiece in a new $3.5 billion to triple the bulk-billing incentive for 11.6 million eligible Australians.

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It is designed for the most common GP consultations for children under 16, pensioners and other concession card holders.

"All of this will help take the pressure off our public hospitals and emergency departments, still feeling the strain of a once-in-a-century pandemic," the Treasurer said.

Senator Gallagher knows the payments increase will not please everyone but she is urging perspective.

"You can't see one decision in isolation from other decisions," she said.

"And there is crossover, obviously, for support for those on JobSeeker payments.

"They might be eligible for rent assistance who of course will benefit from bulk billing incentives."

"You have to make a decision, ultimately, about what you think is affordable and reasonable and that is where we landed on that."

Parenting payments have been expanded to single parents with children up to 14 years, and the ParentsNext program is being abolished while a voluntary scheme is established.

There are $1.9 billion in initiatives for Aboriginal and Torres Strait Islander people.

Mindful of unrest and entrenched disadvantage in Alice Springs, there is $250 million for a Central Australia package to improve safety and provide more opportunities for young people.

The main "modest" revenue measures include the already announced tightening of super tax for people with balances over $3 million, raising the tax on tobacco by 5 per cent for 3 years, the $2.4 billion increase to the Petroleum Resources Rent Tax, a 15 per cent global and domestic minimum tax for large multinational companies, and extending tax compliance programs.