Federal treasurer Scott Morrison says this year's budget isn't about 'winners and losers', and is instead an 'economic plan' for Australia's future.
Changes to superannuation, tax concessions and a crackdown on multinational tax avoidance have dominated this year's federal budget.
In his first budget speech, federal treasurer Scott Morrison said the coalition has stuck to its plan for 'jobs and growth'.
"This economic plan is the foundation on which we can build a brighter, more secure future, in a stronger, new economy with more jobs," said Mr Morrison.
The budget deficit has increased to $37.1 billion for 2016-17. There are clear budget beneficiaries, including small business owners and middle-income earners.
The treasurer announced a 10-year enterprise tax plan that will cut the small business tax rate to 27.5 per cent, while the company tax rate will be cut to 25 per cent over 10 years.
The government will also tackle so-called 'bracket creep' by preventing around 500,000 middle income earners from moving into the second highest tax bracket.
The upper limit for the middle income tax bracket has been increased from $80,000 to $87,000 per year.
