Chalmers said it would be an extra $33 billion over the next four years.
"We do recognise that times are very, tough right now and so the indexation that kicks in will be substantial," Chalmers said.
"About one-third of that $33 billion will be age pension, another third of it will be JobSeeker payments. We know that people would always like us to do a bit more but we can only promise what we can afford.
"So our cost of living relief is deliberately targeted and timed in a way to not add to these inflationary pressures and we don't want anything on Tuesday night to be counter-productive."
The primary focus of the budget is the cost-of-living crisis, Chalmers said.
He said the budget was "solid, sensible and suited to the times".
"The fact that inflation will be higher for longer than we would like to see, our responsibility is to not make that situation worse and provide that cost-of-living relief in areas like child care," he told Croucher.
"(The budget) will back families, build a better future and I hope it will bring Australians together around some of these big economic challenges we are confronted (with) today."
Couples will also soon be assessed on their combined income to be eligible for the Commonwealth's paid parental leave scheme, Chalmers said.
In the past, if people earned more than $150,000, they were not eligible for the previous scheme in its entirety.
However, couples will now be assessed on dual income, meaning if they earn less than $350,000 combined, they will be eligible. The move will impact nearly 200,000 families.
"This will be a family-friendly budget," Chalmers said.
"I hope people see it as a budget for the whole country, a budget which does more than batten down the hatches, it actually brings people together, builds a better future and backs in family."
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Chalmers conceded the government would be forced to rein in spending.
He said the budget would reflect a "more responsible approach" to spending.
"I think people understand if you spray cash around indiscriminately in an un-targeted way, you can make the inflation problem worse and can make interest rates go up more than they would otherwise go up," he said.
"We are very conscious of that."
Watch the full interview between Charles Croucher and Jim Chalmers in the video player above.
https://news.google.com/__i/rss/rd/articles/CBMiogFodHRwczovL3d3dy45bmV3cy5jb20uYXUvbmF0aW9uYWwvZmVkZXJhbC1idWRnZXQtMjAyMi10cmVhc3VyZXItamltLWNoYWxtZXJzLW5pbmUtcG9saXRpY2FsLWVkaXRvci1jaGFybGVzLWNyb3VjaGVyLWludGVydmlldy8zZDMyNGE2NC1hMTNkLTQ3MzAtODI3YS1hMDc0YWU0ZTRjMGTSAQA?oc=5
2022-10-23 09:07:06Z
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