World News Australia Online speaks to four members of the community who will be directly affected by changes in the budget. See what they have to say.
The business owner
Dave Gravina established his company, Digital Eskimo, in 2001, taking on projects concerned with sustainability and social change.
Based in the inner-eastern Sydney suburb of Surry Hills, the strategic design agency employs around 15 people.
Mr Gravina says social equity is an important issue to him, and he would like to see the government crack down on "rock star CEOs who earn something like 500 to 1000 times the average employee".
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The 39-year old says there should be a focus on sustainable practices and clean technology, and proposes tax breaks for bicycles. He'd also like to see the government invest more in public transport like inter-city railways. He thinks too much money is being pumped into our nation's roads.
As a medium business owner, Mr Gravina says he'd like to see a scaled-back, simplified taxation system to help small enterprises grow.
The business owner says too much money is being spent on defence, and that global warming will see an increase in conflicts around the globe.
The Budget
Up to 720,000 incorporated small businesses will benefit from an early reduction in the company tax rate to 28 per cent, from from 30 per cent, from the 2012/13 financial year, the federal government confirmed.
The special treatment recognises some small businesses have been particularly hit hard by the impact of the global financial crisis, the government said in the 2010/11 budget papers released on Tuesday.
The measure will allow eligible small businesses to reinvest more of their profits to grow their operations, it said.
The government will also allow small businesses to write-off assets valued at under $5,000 immediately, up from $1,000.
It will also allow small businesses to write-off all other assets, excluding buildings, in a single depreciation pool at a rate of 30 per cent.
"This measure will significantly simplify depreciation calculations, benefiting up to 2.4 million small businesses," Federal Treasurer, Wayne Swan said.
Budget Reaction
Mr Gravina says he is not surprised that sports and boarder protection has received more funding.
Although, he is pleased that funding is allocated towards railways.
He said some crucial areas missed out.
"They could have done more for the environment," he said.
He said the budget was 'expected in terms of the style and content and it does not 'rock his world.'
Mr Gravina says he supporst the mining super profits tax and the extra funding on health.
"It was good to see some small business benefits but not enough and medium businesses at the lower end of that scale like Digital Eskimo missed out again," he said.
He also supports the super guarantee going up to 12 percent.
