Promised tax cuts and big spending on infrastructure will benefit the top end of town, while smaller businesses receive rewards for hiring older workers.
Companies will also receive financial assistance to access export markets, manufacturers moving into new growth industries will be eligible for grants, while the energy and resources sector will be encouraged to explore for new mineral deposits.
"Rather than corporate welfare, the government's focus will be on strengthening the overall business environment, so that enterprise, large and small, can create more jobs in Australia," Mr Hockey told parliament.
The Australian Chamber of Commerce and Industry said business confidence would receive a boost from the budget measures, as long as they are delivered.
"The challenge for the government is now to fulfil the important promises outlined in the budget, particularly where recent governments have failed to deliver on major fiscal targets," chief executive Kate Carnell said.
While high income earners are to be slugged with a new debt levy, the government will cut company tax by 1.5 percentage points from July 2015, helping about 800,000 businesses.
That's on top of the axing of the carbon tax and mining tax, a move long called for by miners, builders and airlines.
The tax cut will offset the burden of the government's paid parental leave scheme, also due in July 2015.
A new $11.6 billion outlay on infrastructure, set to take the total spend to $50 billion by 2020, will provide new work for the nation's largest building and engineering firms, such as Leighton and Lend Lease, as well as building products suppliers.
Industry Super Australia's director of public Affairs Matt Linden said the initiatives would be welcomed by super funds, which would partner with governments to invest in the infrastructure Australia was crying out for.
New rail projects, providing better access to ports, would also benefit large exporters, who currently encounter delays and costs because of infrastructure bottlenecks.
Australian Industry Group chief executive Innes Willox said massive infrastructure spending could help re-balance the economy as mining investment wanes.
But he warned economic pain could also be caused by welfare cuts and higher fuel excise.
"With the economy at a pivot point characterised by fragile confidence, flat lining productivity and below trend growth, the budget also carries some risks to Australia's short term economic health," he said.
In other budget measures, a wage subsidy is to be handed to employers who take on mature aged staff, which Mr Hockey said would break down discrimination against unemployed older Australians.
Businesses will be paid $10,000 over 24 months for each new full time worker aged above 50, and part-time workers will attract a smaller subsidy based on hours worked.
The plan is expected to bring 32,000 older job seekers back into the workforce.
Mr Hockey said corporate Australia had not been spared from budget pain, with $800 million in industry assistance to be withdrawn.
But that most notably impacts car manufacturers, who have already made plans to stop making cars in Australia.
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