Spending cuts, tax reforms flagged in next month's federal budget

More and more Australians are draining their savings just to stay afloat as hopes for cost-of-living relief in next month's federal budget slowly fade.

Federal government ministers today hinted the focus would be on reigning in spending.

Data from comparison website Finder shows 54 per cent of Australians have dipped into their savings account in the last 12 months.

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On average they pulled out more than $7000 and that's before the war in Iran even started.

That equates to $85 billion in spent savings nationwide, while the conflict in the Middle East shows no signs of slowing down.

"It really shows the pressure that a lot of people are under," Taylor Blackburn from Finder said.

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"I think everyone would be well served to batten down the hatches, save where you can."

With households tightening their belts, attention is turning to the federal budget in May.

Treasurer Jim Chalmers today said there would be spending cuts and likely reforms on tax, housing, and superannuation.

Former Nationals Leader David Littleproud said Australian families were cutting back.

"They are making these tough decisions at the kitchen table and the government has to do the same," he said.

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Assistant Foreign and Immigration Minister Matt Thistlethwaite said the focus would be "stabilising inflation and boosting productivity".

Prime Minister Anthony Albanese's focus was on Easter today, saying it is "a time of reflection and a time of joy".