Budget boost for renters to be included in cost-of-living support

Assistance for renters and an increase to welfare support for jobseekers, university students and apprentices will be at the heart of the government's $14.6 billion cost of living package in the federal budget.

Nine News can reveal the Albanese government's second budget will increase the rate of JobSeeker, which is currently around $50 a day.

READ MORE: What is a budget surplus, how did we get there and how long will it last?

The new figure will be unveiled by Treasurer Jim Chalmers tonight and he'll also confirm whether the increase is targeted to certain age groups, or will be across the board.

Austudy payments for apprentices and Youth Allowance for university students will also rise.

READ MORE: What we know about the budget so far

The treasurer claims the measures will ease cost of living pressures without making inflation worse.

He's also flagged further cost-of-living relief will be revealed in his budget address.

Chalmers is looking to become the first treasurer in 15 years to post a surplus. He will also announce gross debt is predicted to peak five years earlier than expected.

You can follow all the key federal budget announcements from 7.30pm tonight, with our extensive coverage at 9news.com.au.