Record investment is tipped to be in Australia's Federal Budget, that's released tonight

It's expected to pump billions of dollars into the economy, as the Government focusses on recovering from the pandemic.

Aged care, childcare, infrastructure and job creation are some areas seeing a cash injection.

HSBC chief economist Paul Bloxham says the Government can spend the cash because the economy's doing better than expected.

He says they're in an upswing with Covid-19 numbers under control, and are seeing a boost to national income from higher iron ore and general commodity prices.