Treasurer releases federal budget "for future prosperity"

The federal government has used this year's budget to lay out its manifesto ahead of the likely July 2 federal election, with campaigning expected to begin this weekend. Image: Treasurer Scott Morrison hands down his first budget

The Treasurer is offering tax cuts to small and medium businesses and a modest income tax break for half a million middle-income Australians to bolster the coalition's election hopes and drive the economy.

 

He's also hoping to raise revenue by targeting smokers and welfare cheats.