The Australian Government has unveiled its Budget, with the Iran war continuing to loom large. 

Gross debt is expected to hit $1 trillion for the first time this year, and the federal government isn't expected to be back in surplus until 2036. 

The Australian Treasury is forecasting inflation will peak about 5%. 

Treasurer Jim Chalmers says they're dealing with the fifth economic shock in less than 20 years. 

Westpac Chief Economist Kelly Eckhold told Ryan Bridge that all the new measures the Budget introduces are backloaded, so they might be spending a bit of money now, and might not get the savings later. 

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