Asked what was his number one favourite thing for young people in the 2018 budget, Treasurer Scott Morrison replied: tax breaks.

The budget offers a tax break of up to $530 for those earning less than $90,000.

Video Player failed to load. Play Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.

"530 bucks a year!" the Treasurer said on Hack today.

"I remember when I got my first job, that was a lot of money.

"Still is."

According to the Reserve Bank of Australia, $530 in 1987 is about $1300 in today’s money. Back then, the average price of a house in Sydney was about $90,000 and ratio of housing prices to what you earn per year was a lot lower.

On the triple j textline:

$500 tax for young people is insignificant compared to the massive rise in university fees caused by this treasurer's government.

$530 a lot of money?! Thanks for a fortnights rent Scotty. You're a hero.

I'm 23 never been on any benefits, have bought my own house and work hard, and I like what ScoMo is saying, work hard, c’mon!!!

'Saving for a house has never been easy'

The Treasurer was also quizzed on housing affordability measures in the budget. He pointed to measures in last year's budget such as allowing first-home buyers to use up to $30,000 of superannuation contributions to place a deposit on a house.

"I remember saving $30,000. It wasn't easy then and it's not easy now," he said.

On the triple j textline:

I've got well over 30k saved and in no where near affording my first home. This guy is delusional.

This guy is so out of touch. I just bought my first house with my dad as a guarantor. There is no way I would be in the housing market without that.

I'm 27 and have friends who have bought houses in Ballarat for 300k. Why are we complaining about not being able to afford houses?

The Treasurer pointed out the growth of housing prices in Sydney and Melbourne has fallen significantly since last year.

He said this was due to new controls on how banks lend money.

"We're taking action on housing affordability, we're actually giving people tax breaks for the First Home [Super Saver Scheme]," he said.

"We're working with the state and territory governments to increase the supply of housing which at the end of the day is what makes housing cheaper."

First Contact memorial is about 'meeting of two cultures'

The Treasurer was also asked whether it was necessary to spend $48 million on a Captain Cook memorial precinct at Botany Bay.

"It's the 250th anniversary of the meeting of two cultures," he said.

The anniversary commemorates the first contact between Europeans and Indigenous people on April 29, 1770. Captain Cook in his journal records shooting a musket at Indigenous people who were throwing rocks at him and his crew.

The existing Cook statue at Botany Bay was defaced last August with the words: "No pride in genocide" and "Change the date".

The precinct, which is in the Treasurer's electorate, will include a statue of Cook and memorials to Indigenous culture, plus ferry wharfs for commuters.

It has the backing of the La Perouse Aboriginal Land Council.

"People need to look past the headlines and look past the Facebook postings and the Twitter postings - this is a real program out there which is benefiting Indigenous people and it's helping young people learn more about our country," the Treasurer said.

On the triple j textline:

Can't afford house but thank god I know about James Cook.

Great budget. This country has to many people that want something for nothing.