10.00pm. Thank you for following our live blog tonight. You can find more on the budget on our budget minisite, and a wrap of today's event here: Welfare cuts, taxes fund big Labor pledges.
Also, don't forget that you can get your head around the changes announced tonight using our interactive graphic.
21.59pm. Shadow Treasurer Joe Hockey slammed the budget, saying it delivered more "debt, chaos and spin".
Govt says #Budget is about "jobs and growth", yet it delivers higher unemployment and lower growth. — Joe Hockey (@JoeHockey) May 14, 2013
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He spoke to SBS Chief Political Correspondent Karen Middleton.
21:55pm. Australia's AAA rating remains unchanged despite the federal government handing down an $18 billion deficit.
21.45pm. As the post-budget storm rages on, Opposition Leader Tony Abbott tweets about something totally different.
21.41pm. West Australian Premier Colin Barnett has welcomed the significant federal budget commitment to building road and rail in the state, including $500 million towards key election rail commitments.
21.31pm. SBS Chief Political Correspondent Karen Middleton brings you an analysis of the budget.
21.23pm. NITV correspondent Jeremy Geia takes a look at how the federal budget announcements might affect Aboriginal and Torres Strait Islander communities.
21.21pm. Do you want to know what academics think of the budget? You can check our article : Federal budget 2013: expert reaction, featuring Ben Spies-Butcher; Cameron Gordon, University of Canberra; John Quiggin; Lin Crase, La Trobe University; Simon Marginson, University of Melbourne, and Zareh Ghazarian, Monash University.
21.10pm. The federal budget has missed the opportunity to take the pressure off business, the Australian Chamber of Commerce and Industry (ACCI) says.
"It's a budget of band-aids when the patient required targeted surgery to spending and the oxygen of cost relief to boost confidence," ACCI chief executive Peter Anderson said in a
statement.
21.07pm. The Australian Labor Party posted this video, tweeting : "The Federal Budget. Why it matters, and what it's all about in 3 minutes".
21.05pm. Disability Discrimination Commissioner Graeme Innes said for the first time in Australian history, disability was at the centre of the federal budget.
"The national disability insurance scheme (NDIS) is a huge reform and it's very pleasing that it's supported by all political parties.
21.01pm. The Australian National Retailer's Association, the body representing Australia's largest national retailers, said there was little in Mr Swan's speech to support the retail sector and cuts to welfare payments would hurt the sector, which employs 1.2 million Australians.
20:55pm. SBS Chief Political Correspondent Karen Middleton brings you a summary of what announced tonight:
20.44pm. John Freebairn from the University of Melbourne says "an increasing structural deficit is unsustainable; and it threatens the ability of governments to assist the economy to recover from inevitable future international and domestic shocks". Treasurer Wayne Swan has delivered a budget with a $19.4 billion deficit this financial year.
Federal Budget 2013: Why our unsustainable structural deficit must be tackled, by John Freebairn: bit.ly/ZWjjrm — The Conversation (@ConversationEDU) April 28, 2013
And if you'd like another expert's view on the budget, read Michelle Grattan's piece.
20.33pm: As Rhiannon Elston reports from Canberra, the federal government has set aside $500,000 to fund programs to raise awareness over the practice of female genital mutilation.
It's hoped the plan will help support change within Australian communities where the practice still occurs. The government will also undertake research and examine Australia's legal framework to determine whether laws around the issue are adequate.
20.22pm: Would you like to find out who are the winners and losers in this year's federal budget? Here is a quick list: Factbox: Winners and losers in the federal budget.
20:20pm. SBS has welcomed an additional $20 million in new funding over the next triennium.
The federal government will provide the funding over three years, on top of last year's $95.2 million investment. A further $10 million has been allocated for local content.
SBS Managing Director Michael Ebeid tweeted:
Really pleased that @sbs was a budget winner again tonight with additional funding for even better content. tinyurl.com/d3b3ja4 — Michael Ebeid (@michaelebeid) May 14, 2013
“SBS is a lean and agile hybrid broadcaster which punches above its weight with distinctive and innovative content, despite operating on one fifth of the average budget of all the other broadcasters,” Mr Ebeid said.
20:15pm. What's in the budget for universities?
* $1.2 billion cut by converting student start up scholarships to income contingent loans for new youth allowance, Austudy and Abstudy recipients from January 1, 2014
* $902.7 million cut via efficiency dividend applied to niversity funding (2 per cent in 2014 and 1.25 per cent in 2015)
* $236.6 million cut from ending discounters for up-front and voluntary repayments of HECS-HELP debts
* $520 million cut from capping work-related education expenses
* $135.3 million (over five years) to continue Australian Research Council future fellowships
* $97 million to 2017 for new university places, targeted at areas of need like teaching and language studies
* $185.9 for running cooperative research infrastructure
* $51 billion expected higher education investment over five years
20.08pm. As Rhiannon Elston reports from Canberra, services for Indigenous Australians will be boosted by $1.6 billion formally handed down in today's budget, Indigenous Affairs Minister Jenny Macklin says.
The bulk of the money will go towards health, education and early childhood programs. An investment of $659 million will be made to extend targeted education programs for Indigenous students, on top of a previously announced $44 million in scholarships.
The total figure also includes $777 million over three years for a commitment to renew the National Partnership Agreement (NPA) for Indigenous Health Outcomes, a figure expected to grow once states and territories announce their joint contribution.
New Indigenous funding announcements made today:
- $127.5 million to extend employment programs
- $12 million for additional support for specialised Indigenous legal services - $15 million over three years to continue funding for the National Congress, starting in 2014
- $6.2 million for upgrades to nine hostels in Queensland and the Northern Territory
- $1.3 million over two years for a developmental study of Indigenous children
20.00pm. As AAP reports here is where the new savings are:
FOR SCHOOL FUNDING
* $16.3 billion from education reform including cuts to universities, making student scholarships into loans, cap on self-education expenses and redirection of National Partnership schools funding
* $10.6 billion from family payments changes including replacing the baby bonus; freezing means testing on family tax benefits and freezing the child care rebate cap
* $14.3 billion from closing corporate tax loopholes
* $3.1 billion from changes to visa application charges and public sector efficiencies
FOR DISABILITYCARE AUSTRALIA
* $33 billion from increasing Medicare levy
* $6 billion from changes to superannuation tax exemptions and concessions
* $6.5 billion from changing indexation on government contributions to the private health insurance rebate and the lifetime cover penalty
* $20.6 billion from changing tax concessions for fringe benefits and net medical benefits, indexation of tobacco excise, increasing import processing charges and other changes.
19.50pm. You can read Wayne Swan's full speech here:
19.46pm: The baby bonus will be abolished from March 1, 2014.
Under the benefit change, eligible Eligible Family Tax Benefit A recipients will receive a $2000 boost for their first-born child and $1000 for subsequent children, to be paid in instalments, as long as they aren't accessing thegovernment's paid parental
leave scheme.
19.45pm: Would like to quickly find out how the budget will affect you? Check out this interactive graphic.
19.43pm: The government will address loopholes in the corporate tax system to save over $100 million in 2013/14 and $4.2 billion over four years.
19.40pm Treasurer Wayne Swan announces $9.8 billion in new school funding.
19.39pm: You can watch the Treasurer's speech live here.
19: 37pm: Treasurer Wayne Swan says there will be $24 billion invested in both urban road and rail infrastructure.
"These investments will boost productivity, build capacity, improve safety and relieve congestion as well as improving the quality of life in our communities across the nation," he told parliament.
19:30pm. Federal Treasurer Wayne Swan says Canberra projects a higher-than-expected deficit of $19.4 billion for this financial year, followed by a shortfall of $18 billion in 2013/14.
18:45pm. As SBS's Political Correspondent Richard Davis revealed, the budget will unveil a $24 billion infrastructure fund. The federal government will also scrap the baby bonus, as it tries to cut spending and find a way back to surplus.
The scrapping of the baby bonus was widespread news also on other media outlets.
18: 15pm Canberra is promising a surplus, but not for another four years. In other breaking news this afternoon, it emerged that Canberra plans a return to surplus in 2016-2017.
17.10pm World Vision has already expressed disappointment over delays to the aid budget announced by Foreign Minister Carr yesterday.
"Each day 19,000 children and 800 pregnant women in the developing world die and many more suffer domestic violence and other forms of gender discrimination," World Vision Head of Policy Nancy Waites said.
"That's why it's extremely concerning that Foreign Minister, Senator Carr, indicated yesterday that the Australian Government will delay its promise to increase aid to reach the UN target of 0.5% of Gross National Income (GNI)".
17: 00pm Politicians and reporters have been in the budget lock-up since 1.30pm today, but earlier today Tresurer Swan found some time to have this picture taken:
