Italian Prime Minister Giorgia Meloni outlined her proposed 2024 budget on Monday, focused on tax cuts and incentives to get women back to work after having children.

Ministers in Meloni's hard-right government agreed around 24 billion euros ($25 billion) in new measures focused on support for low- and medium-income families and companies after months of high inflation.

There is concern in the financial markets at the lack of focus on getting Italy's public finances in order, with Rome late last month having raised its deficit forecast.

But at a press conference in Rome, Meloni insisted it was a budget that was "very serious and realistic and which does not waste resources, but concentrates them on the main priorities".

These priorities, financed with 15.7 billion euros in additional debt and unspecified spending cuts, are intended to "defend the purchasing power of families", the prime minister said.

The government is now forecasting a deficit of 4.3 percent of gross domestic product (GDP) in 2024, up from 3.7 percent estimated previously.

The announcement in late September drew an immediate response from the financial markets, with borrowing rates for the debt-laden eurozone country rising sharply.

The first budget from Meloni, the leader of the post-Fascist Brothers of Italy party, drew praise for its prudence.

But commentators have warned of a loosening of the purse strings this year as she and her coalition partners seek to fulfil their electoral promises, particularly ahead of European Parliament elections next year.

The budget plans Monday include renewing a reduction in salary contributions for those earning up to 35,000 euros a year, at a cost of around 10 billion euros.

Meloni said this would put an average of 100 euros a month into the pockets of 14 million Italians.

As part of a wider plan of promised tax reform, the government has also decided to merge the first two tax brackets, meaning those earning up to 28,000 euros a year will benefit from a rate of 23 percent, down from 25 percent.

Meloni, who campaigned as a "Christian mother" during national elections last year, also outlined more support for working mothers, as she attempts to boost Italy's low birth rate.

She said women with at least two children will be exempted from social security contributions, and promised "free" nursery places from the second child.

Companies that hire mothers, young people and those who previously benefited from the "citizenship income" -- an anti-poverty measures that Meloni axed this year -- will also pay reduced corporation tax.