Fiscal restraint to define federal budget as costs rise

The architects of the federal budget promise responsible economic management and spending restraint. (Aap Image/AAP PHOTOS)

Treasurer Jim Chalmers has pledged to make spending restraint a key feature of the federal budget as the government flags major cost pressures.

Responsible economic management and spending restraint will be defining features of the May 12 budget and "crucial in the context of important and unavoidable spending pressures", Dr Chalmers said.