THE government will roll out around $8 billion of "target, temporary and responsible" cost of living support, Treasurer Josh Frydenberg says.
Mr Frydenberg blamed much the rising cost of living on "international factors" , such as the pandemic and Russia's invasion of Ukraine, disrupting supply chains and increasing the cost of everything from oil to grain.
The 44-cent fuel excise will be halved for six months, which should see prices drop at the bowser by 22c.
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Low-to-middle income earners will get a one-off $420 cost of living tax offset.
"Individuals already receiving the low and middle income tax offset will now receive up to $1500 and couples up to $3000 from July 1 this year," Mr Frydenberg said.
About 6 million people will receive a one-off $250 cost of living payment in April, including job seekers, carers, pensioners, self-funded retirees and concession cardholders.
The government will help 10,000 regional first-home buyers crack into the market each year, allowing them to purchase a house with a 2 or 5 per cent deposit.
Applicants must either build or purchase a newly built home, and earn no more than $125,000 a year and $200,000 for couples. House prices are capped at between $800,000 and $350,000 depending on the state.