Federal Budget breakdown: What money is flowing to Port Stephens, plus other items and measures that residents will benefit from

While admitting there were "hard days to come", Treasurer Jim Chalmers said the government's "responsible" financial plan, unveiled on Tuesday, October 25, was "right for the times and readies us for the future".

While Maitland will receive the lion's share of the federal budget funds set to flow into the Paterson electorate, Port Stephens will still benefit.

Eight of Paterson MP Meryl Swanson's election promises have been funded in the budget including $5 million for a new Veterans Wellbeing Centre, a fully funded MRI Licence for the new Maitland Hospital and $3 million for the Port Stephens Koala Hospital.

Ms Swanson said she is in talks with the local veteran community to work out the specifics of what the Veterans Wellbeing Centre should look like. A location hasn't been decided but East Maitland, Maitland and Raymond Terrace are all on the shortlist.

Following on from Environment Minister Tanya Plibersek's visit to Port Stephens in August to officially open the koala hospital, Labor's pledge to fund the first year of a five-year Hunter breeding program was included in the Budget.

The One Mile-based hospital is partnering with University of Newcastle and Taronga Conservation Society on the $14.6 million project.

The Albanese government's first budget also committed $55 million to Newcastle Airport - $15 million this year and $40 million in 2023-24 - to build a new terminal.

Ms Swanson said she was "delighted" with the investment to upgrade and expand Newcastle Airport as a "gateway for international travel".

"This funding will ensure an expanded terminal is built, welcoming more passengers in 2024. The upgrade will also generate 850,000 additional visitors, 4410 jobs and $12.7 billion in economic activity for the Hunter and Northern NSW across the next 20 years," Ms Swanson said.

Newcastle Airport chief executive officer Dr Peter Cock said the $55m ensured "nothing holds our region back from its global potential".

"This is so much more than infrastructure - the expansion of Newcastle Airport's passenger terminal will bring significant and lasting benefit to our community, and our region, for years to come," Dr Cock said.

"Our work to get Newcastle Airport international ready is already underway. Enabling works in our car parks are moving ahead, and construction of the new international terminal will be underway early next year."

Labor has made good on promises to restore ongoing funding to the region's GP Access After Hours service. The Budget has outlined a $17.47 million investment over the next four years to restore and provide certainty to the service in the Hunter region.

"Securing this funding means easier access to a GP when you need it, and continued support for the fantastic service that doctors, and staff perform around the clock," Ms Swanson said.

The government will spend $224.5 million to save threatened native species and implement the Threatened Species Action Plan which has 110 priority species listed, among which is the Cauliflower Soft Coral Dendronephthya australis and White's Seahorse Hippocampus whitei which are endemic to Port Stephens.

To help veterans with rising cost of living pressures, the government will provide a $1000 increase in the annual rate of the Totally and Permanently Incapacitated Payment from January 1, 2023. Further practical support to improve the welfare of veterans will be provided through $46.7 million for 10 Veterans Wellbeing Centres across Australia.

The Budget includes $57.0 million over six years from 2022-23 (and $2.5 million per year ongoing) to support the recovery and longer-term conservation of the koala and its habitats.

The government is delivering 480,000 fee-free TAFE and community-based vocational education places over four years. As a first step, the government is entering a $1 billion agreement with the states and territories to provide 180,000 places in 2023.

All schools will benefit from the $203.7 million Student Wellbeing Boost, with the average school receiving $20,000 towards improving student mental health and well-being. A new voluntary mental health check tool will assist schools to identify students who are struggling, so they can get the help they need.

The Budget includes $2.4 billion for NBN Co to extend fibre access to 1.5 million more premises and $1.2 billion for the Better Connectivity for Regional and Rural Australia Plan.

Households hoping for significant cost of living "relief" in this budget will be disappointed. The Budget will not make life cheaper right now, but rather it is aimed at bringing rampant price pressures to heel in the long term.

The Budget delivers a five-point plan for cost of living relief including cheaper child care and medicines, an expanded Paid Parental Leave scheme, more affordable housing, and getting wages moving again.

While cheaper medicines will kick in from January 1, 2023 - seeing PBS medicines drops from $42.50 to $30 - it will be a little while longer until families see the benefits of the other cost of living relief measures that are aimed at curbing inflation.

The effort is needed as by Christmas, the Treasury says that annual inflation will be running at 7.75 per cent, fuelled by rising grocery and energy prices.

Electricity bills are expected to soar 20 per cent this year and a further 30 per cent next financial year. Gas bills are also tipped to rise by 20 per cent this year and 20 per cent next financial year.

In a bid to tackle Australia's acute housing pressures, the Budget included a national agreement including all levels of government, superannuation funds, private investors and the construction industry to deliver one million homes by the end of the decade.

The federal budget allocation is $350 million for 10,000 affordable homes over five years from 2024. Another 30,000 government-funded homes would be built through the Housing Australia Future Fund, while state and territory governments have committed to construct 10,000 new dwellings.

Beyond the new Housing Accord, the government will develop a National Housing and Homelessness Plan to set out other actions and longer-term reforms.

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