Gloomy backdrop for first Albanese budget

It won't be an easy task for Jim Chalmers to deliver a budget in a high-inflation environment. (Lukas Coch/AAP PHOTOS) (AAP)

The "bread and butter" budget promised by the Albanese government may leave stretched households disappointed but there's a reason for keeping a lid on cost-of-living relief.

That's because the Albanese government will deliver its first budget against a backdrop of runaway inflation that's wreaking economic havoc around the world.