Last night Treasurer Jim Chalmers handed down the Federal Budget, delivering a surprise surplus - the first one in 15 years. At the same time, there are plenty of spending measures designed to ease cost of living pressures. But could they put more pressure on the Reserve Bank to increase interest rates?

Stephen Koukoulas, the Managing Director of Market Economics and a former economic adviser to a Prime Minister, talks Sean Aylmer through the key points of the Budget.