Budget 2018: Why should we care?

It may seem a dry affair but the federal budget provides an opportunity for voters to see if their taxes are being put to good use.

Treasurer Scott Morrison will his third budget at on Tuesday, May 8.

Treasurer Scott Morrison will his third budget at on Tuesday, May 8. Source: AAP

The annual ritual of the May budget may seem a dry affair but its contents can potentially touch everyone's lives.

The budget papers lay out how the billions of dollars of Australians' hard earned taxes are spent and where savings are being made, for example:

- Will there be any proposals to improve cost of living pressures?

- Will your welfare benefits remain intact?

- Will your children's schooling be affected?

- What plans are there to improve health facilities?

- Will your travel to be work be better by road upgrades?

- Will there be delays at airports when you go on holiday because of tighter security plans?

The budget also provides a raft of forecasts on the economic outlook - predicting whether we can expect recent strong jobs growth to continue, whether price inflation is expected to remain contained and whether we can finally expect a decent pay rise.

It also provides predictions on the overall state of the nation's finances, allowing voters to gauge whether the government of the day are good economic managers worth backing at the next election.

Treasurer Scott Morrison will give a televised speech to parliament on the overview of his third budget at 7.30pm AEST on Tuesday, May 8.

Published 4 May 2018 at 11:34am, updated 4 May 2018 at 8:09pm