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.

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.

The savings mean the 2011-12 Budget is still on track to reach surplus by 2012-13, with the Treasurer noting the $22 billion cuts were "structural" in nature and would assist in reining in spending over the long-term.

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

Related articles:

May 10: Federal Budget 2011: NBN key to regional justice

Legal aid and community legal centres will be asked to develop online initiatives to improve access to justice for regional areas under measures announced in the 2011-12 Federal Budget. [read full article]

May 10: Federal Budget 2011: High Court funded as ICC takes hit

Australia's contribution to the International Criminal Court has been dealt a blow via Treasurer Wayne Swan's Fourth Federal Budget, while the High Court will see an additional $6.1 million worth of funding over the next four years. [read full article]

May 10: Federal Budget 2011: Funding boost for human rights

Human rights are on the Gillard Government's agenda in the 2011-12 Federal Budget, with additional funding provided to the Australian Human Rights Commission (AHRC). [read full article]

May 10: Federal Budget 2011: Surplus still on track in tough budget

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. [read full article]