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News Breakfast host Michael Rowland and political reporter Stephanie Borys break down the winners and losers of Treasurer Jim Chalmers’ federal budget. Subscribe: Read more here:

Young people on income support payments will receive a much-needed boost, as Austudy and Youth Allowance are both lifted by $40 a fortnight.

The maximum rate of Commonwealth Rent Assistance will also be lifted by 15 per cent, costing the government about $700 million a year.

But there is not much more targeted support for young people listed in this budget.

There is no new money for TAFE and there’s a “TBC” on university funding and student loan support as the government progresses its Universities Accord.

There is, however, $127.3 million in funding over the next four years for an additional 4,000 Commonwealth-supported places at universities for courses that support the nuclear-powered submarine program, including STEM and management disciplines.

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