Budget 2022 is out – here are the big announcements.

READ MORE: Budget 2022: Cost of living payments, public transport extended, $3.1b health boost

The high cost of living saw Budget 2022 introduce a new weekly payment for people earning up to $70K, a two-month extension to the fuel and public transport cuts, and urgent changes to the supermarket sector intending to drive down prices.

The new centralised health system – Health NZ will get a $3.1b injection over two years, while the new Māori Health Authority gets another $168m over four years.

Budget 2022 brings in a new temporary payment for people struggling with the cost of living.

READ MORE: Budget 2022: Cap on First Home Loan scheme scrapped

It means people earning up to $70,000, who are not able to get the Winter Energy Payment, will be entitled to three monthly payments from August, receiving a total of $350. It will be about $27 extra a week over the three-month period.

Finance Minister Grant Robertson said Treasury suggested high inflation would have "more of an immediate impact on low- and middle-income households than on high income households".

It'll cost the Government $814 million, while the fuel relief extension will cost $235m and public transport changes will cost $130m.

"What we're dealing with here is targeted support," Robertson said.

"By undertaking a short term, targeted payment we can relieve some of the pressure they're feeling."