So what exactly does this Federal budget mean for Australian voters?
The major impact will be felt by middle class families and welfare recipients, but there is some good news.
Mitchell Dunk reports.
Treasurer Wayne Swan is talking up his budget as an important step on the road to surplus.
Wayne Swan, Treasurer: “Still no surplus but the fact is we’ve got a pathway back to surplus.”
But lack of revenue from the mining and carbon tax and the rising cost of asylum seekers has meant welfare entitlements are on the hit list.
John Flazon, St Vincent De Paul: “This budget is less Robin Hood, and more Sheriff of Nottingham.”
The Greens have also criticised tax breaks for the fossil fuel industry and cuts to renewable energy and university funding.
Christine Milne, Greens Leader: “This budget has delivered a weaker, dumber and meaner Australia.”
$2 billion will also be saved by cutting back medicare rebates.
It’s angered the Australian Medical Association.
Dr Steve Hambleton, AMA President: “This budget is getting sick people to pay for the budget black hole.”
While the announced $43 billion cuts over forward estimates have left many opposed, the budget does have perks for education, government infrastructure and senior citizens.
Seniors who’ve owned their home for 25 years can make means-test-free investments of up to $200,000.
An extra $24 billion will be spent on infrastucture.
And the Gonski’s recommendations will also see $9.8 billion dollars injected into schools over the next six years.
The Education Union is pleased.
Angelo Gavielatos, Education Union: “This will set up the future for each child but it’ll also set up our future as a nation.”
But despite the Treasurer’s push for responsible savings, a return to surplus is not expected until 2016.
Mitchell Dunk, QUT News.