Key points are as follows…

· The 2015-16 Budget has seen a shift in focus from budget repair towards supporting growth and fairness.

· Thanks to another blow to revenue the budget deficit for 2015-16 is now projected to be $35bn (compared to just $17bn in last year’s budget); return to budget balance or surplus has been pushed out a year to 2019-20.

· New spending (for example on child care and a small business tax cut) has been more than offset by various savings.

· This year’s Budget should be far more positive for confidence than last year’s, but a return to surplus is looking more distant.

· The impact on the share market is likely to be minimal.

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