RELATED CONTENT: A regional overiew
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Here's your quick guide to what's in Treasurer Joe Hockey's first budget.
Budget deficit to fall from $49.9 billion to $29.8 billion next year, then $2.8 billion in 2017/18
Economic growth (GDP) to be 2.5 per cent in 2014/15 rising to 3.5 per cent in 2017/18
Unemployment to run at 6.25 per cent in 2014/15 falling to 5.75 per cent in 2017/18
Inflation of 2.25 per cent in 2014/15 rising to 2.5 per cent in 2017/18
Debt to fall from $667 billion to $389 billion over next 10 years
Temporary budget repair levy income tax increase of 2 per cent for for high income earners over $180,000 from July 1 for three years
Fuel excise indexation re-introduced from August 1, 2014Abolishing the carbon tax
Abolishing the mining tax
Family Tax Benefit Part B threshold reduced to $100,000 and no longer available after youngest child turns six
Family Tax Benefit Part A will start to reduce when family income exceeds $94,316 per year
Pension age eligibility rises to 70 from 2035Pensions increase twice a year linked to inflation instead of wages from 2017
Pension asset and income test thresholds indexed between now and 2017 and then fixed for three years
Seniors supplement abolished from July 1
Unemployed under 25 to get youth allowance instead of NewstartPeople under 30 to wait six months before getting the dole and participate in Work for the Dole
Concessional trade support loans of up to $20,000 over a four-year apprenticeship
$10,000 payments to a business employing an Australian over 50 who has been on the dole
Infrastructure growth package of $11.6 billion to take government investment to $50 billion by the end of the decade
Money to drive $125 billion in spending on new infrastructure
In NSW the $11 billion WestConnex project to start in 18 months creating 10,000 jobs
In Victoria the $18 billion East West Link in Melbourne will start before Christmas creating 6000 jobs
Other projects include Toowoomba Second Range Crossing in Queensland, Perth Freight Link in WA, Midlands Highway upgrade in Tasmania and North South Corridor project in Adelaide$1 billion National Stronger Regions fund
Growth in Foreign Aid budget reduced to save $7.9 billion over five years16,500 public servants to lose their jobs over the next three years
Scoping study on government ownership of assets like defence housing, ASIC registry and the Royal Australian Mint
Abolish 230 bureaucratic programs70 government bodies abolishedFederal government to work with states to reduce overlap between layers of government
One year freeze on MPs and senior public servant salaries
Gold pass entitlements wound back for former and current MPs and eventually abolished
ABC and SBS funding cut by $43.5 million over four years as a down payment on efficiency study
Abolish industry assistance programs to save $845 million
Cutting company tax by 1.5 per cent for 800,000 businesses
Exploration Development Incentive to encourage small exploration companies
Reducing regulation and compliance costs on business by $1 billion a year
Universities to set own tuition fees from 2016 but existing students keep current arrangements until 2020
Fees repayable after students enter the workforce and earn $50,000$820 million to expand access to higher education
$20 billion Medical research Future Fund establishedFunded by $7 Medicare co-contribution for GP visits starting in July 2015, and changes to the PBS until fund reaches $20 billion
Defence spending to be increased to 2.0 per cent of GDPNew strategic plan for defence by the middle of 2015Australian Border Force created consolidating roles of immigration and customs