Australian Treasurer Josh Frydenberg is presenting the federal budget on Tuesday, highlighting the following points.

"Australia sees a 2022/23 budget deficit at A$78.0 bln vs. A$98.9 bln projected in December."

"Australia sees GDP growth at 4.25% in 2021/22, 3.5% in 2022/23."

"Australia sees the unemployment rate at 3.75% in 2022/23."

"Australia sees CPI inflation at 3% in 2022/23."

Earlier on, Frydenberg said that the government will increase spending on defense and national security while reducing household expenses.

Market reaction

AUD/USD is almost unchanged on the day, trading at 0.7485, as of writing.