CANBERRA, March 25 (Xinhua) -- The Australian Labor government unveiled the federal budget on Tuesday ahead of the upcoming election, focusing on cost-of-living relief and economic growth

Delivering his budget speech to the parliament, Treasurer Jim Chalmers outlined five key priorities of the 2025-26 budget: easing cost-of-living pressures, strengthening Medicare, expanding housing, investing in education, and boosting economic resilience.

Chalmers emphasized the government's commitment to supporting Australians, with new tax cuts for all taxpayers rolling out through 2026-27, additional energy bill relief extending to the end of 2025, and further reductions in student debt and medicine costs.

Healthcare remains a central focus, with increased investment in Medicare Urgent Care Clinics, hospitals, and workforce development, along with targeted improvements in women's healthcare, Chalmers said.

The 2025-26 budget also aims to tackle the housing crisis by expanding construction efforts and workforce capacity, he said, adding in education, funding will go toward early learning, schools, universities, and permanent free technical and further education to enhance skills and opportunities.

To drive economic growth, the government is investing in small businesses, infrastructure, and initiatives under the "Future Made in Australia" strategy to support domestic industries and regional development, Chalmers said.

He said Australia's economy is set to grow from 1.5 percent this year to 2.5 percent by 2026-27, driven by a rebound in private sector demand.

Treasury forecasts lower peak unemployment at 4.25 percent, stronger job and wage growth, and faster-than-expected inflation easing. With the economy stabilizing, a "soft landing" looks increasingly likely, Chalmers said.

Prime Minister Anthony Albanese, speaking to the Australian Broadcasting Corporation (ABC) earlier on Tuesday, highlighted the government's commitment to building a stronger economy, reinforcing Medicare, and supporting Australians struggling with rising living costs.

However, Shadow Treasurer Angus Taylor said in an ABC interview that the Albanese government's budget is for "the next five weeks, not for the next five years" and they are not "a genuine tax cut."