Treasurer Wayne Swan has uncovered $22 billion worth of savings in a "tough" budget that aims to extend the opportunity of the mining boom to all Australians.
Swan said Australians are currently facing an economy that's in transition. "How we manage the transition will determine whether we succeed or fail," he said.
Much of that transition will centre around workforce policy, with Swan labelling this the "centrepiece" of his budget that will enable the spread of opportunities from the mining boom.
These measures include a $3 billion investment in skills initiatives.
Swan said inevitable price pressure will result from the mining boom, but that he had made produced some "tough" measures in this year's budget that will see the Gillard Government ultimately "pay a political price".
Swan also highlight the impact of the floods and Cyclone Yasi on the Budget's bottom line, noting that recent natural disasters have cost the economy $9 billion in lost output and reduced GDP by half a percentage point over the last fiscal year.
When questioned how his Fourth Budget compares to that of his predecessor, former Treasurer Peter Costello, Swan said noted, "I've done a lot of things that Peter Costello has never done".
For our video wrap up, watch our video summary of the 2011 Federal Budget key announcements:
May 10: For full coverage of the budget implications and industry reaction for sectors including education, employment, the environment, family and community services, infrastructure, housing, health & ageing, taxation and superannuation, visit our special Federal Budget microsite: www.lexisnexis.com.au/federal-budget
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