Today's mid-year budget update will see modest savings but long-term challenges…

The federal government will hand down its mid-year budget update today, offering fresh insight into how it plans to navigate cost-of-living pressures and a mounting debt bill. The Mid-Year Economic and Fiscal Outlook (MYEFO), which traditionally lands in December, is not among the festive season's most eagerly anticipated events. But for governments, it's an opportunity to tweak the budget strategy heading into the new year. What tweaks can we expect from Treasurer Jim Chalmers and Finance Minister Katy Gallagher today? Today's update is expected to show a steepening interest bill on government debt. In large part that's because…