The federal government’s cost-of-living package will add up to more than $14 billion over four years as speculation intensifies about an across-the-board JobSeeker boost.

The heavily promoted budget package will include energy price relief, expected to flow to 5.5 million households and one million businesses.

Investments in cheaper medicines and tax incentives for electrification and energy efficiency upgrades will also fall under the total $14.6b over four years targeting acute cost-of-living pressures.

More government plans to support households and businesses through the period of sky-high inflation will be unveiled in the budget on Tuesday night.

Job-seekers will be looking for a boost to income support payments following reports the government has locked in a $40-a-fortnight boost.

The latest reports follow speculation last week that any uplift would be limited to over-55s.

The Greens have already taken aim at the possibility of a $40-a-fortnight increase that would equate to a “paltry” extra $2.85 a day. 

The federal government has also managed to find $17.8b in budget savings and shifted spending, with the finance minister accusing the former coalition government of “tricky budgeting tactics and dishonesty”.

“Labor is being up-front with the Australian people about the true state of the books and about the decisions we are making to support those in need and grow our economy,” Finance Minister Katy Gallagher said.

The total includes $7.8b in re-prioritisations already outlined as part of the Defence Strategic Review.

Over the weekend, changes to the petroleum resources rent tax were also announced that, if enshrined into legislation, will bring in an extra $2.4b over four years. 

By Poppy Johnston in Canberra