Treasurer Jim Chalmers announces a $9.3 billion surplus in the federal budget, the first consecutive surplus since the global financial crisis.

The budget prioritizes cost-of-living relief and aims to reshape the economy with the 'Future Made in Australia' industry package.

Allocations include increased funding for health, infrastructure, and education.

Despite the surplus, measures are set to address inflation and stimulate growth without sacrificing cost-of-living relief.

Forecasts show a $10.5 billion improvement and predict the economy will be $200 billion better off in six years.

Government's economic strategy targets bringing inflation within the desired range by year's end, with a focus on falling inflation and rising wages.

Finance Minister Katy Gallagher states the budget balances essential services funding, cost-of-living relief, and future investments.