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This year's unexpected budget could play an important role in the upcoming federal election - now expected in May. The Albanese government has said there's going to be another round of 'meaningful and substantial' cost-of-living measures in the budget, but Barrenjoey's chief economist, Jo Masters says she suspects the major announcements have already been made, and any other announcements would be small cost-of-living relief. With global uncertainty part of the reason the OECD downgraded its forecast for global growth, Jo Masters says businesses, governments and economists alike are trying to navigate the uncertainty brought on by President Donald Trump, including tariffs and a potential trade war with China. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: / abcnews.au Follow ABC News on Instagram: / abcnews_au Follow ABC News on X (Twitter): / abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia