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Overview

  • Budget deficit: $29.8 billion in 2014-15
  • Unemployment forecast: 6.25% in 2014-15
  • Economic growth: 2.5% in 2014-15

Health

  • All Australians to pay at least $7 for GP visits, blood tests and X-rays
  • General patients to pay $5 more and concessional patients 80c more for prescription drugs
  • Billions slashed from hospitals, which will be free to charge for emergency departments

Education

  • Complete deregulation of university fees
  • Commonwealth funding extended to students at TAFEs, private colleges and sub-bachelor degrees at a cost of $820 million over three years
  • Labor's "Gonski" school funding commitments scrapped from 2017-18 with school funding indexed to inflation from 2018
  • School chaplaincy program continued at a cost of $243.5 million over five years

Welfare

  • Enforced six-month waiting period for under-30s signing on for the dole. After first six months on dole they will again be cut off for a six-month period
  • Tightened eligibility criteria for disability support pensioners under 35
  • Newstart recipients aged between 22 and 25 will be pushed back onto the lower-value Youth Allowance (other) payment

Retirees

  • Age pension age to reach 70 by July 1, 2035
  • Pension means test thresholds to be frozen for three years
  • Tougher income test for self-funded retirees to receive Commonwealth Seniors Health Card

Communications

  • ABC-operated Australia Network to close, saving $198 million over four years
  • Combined cuts to ABC and SBS of $43.5 million over four years
  • $10 million for children's safety online including a "Children's e-Safety Commissioner"
  • $100 million for mobile blackspot and wireless coverage in regional areas

Public service

  • 16,500 full-time jobs gone in three years
  • Tax Office suffers biggest hit; Department of Human Services one of few winners
  • Razor gang to target the bureaucracy's spin doctors
Abbott and Hockey
Housing
Health
Welfare
Families
Savings
Overview
Health
Education
Welfare
Retirees
Communications
Public Service

Federal Budget 2014

Budget signals end of Australia as we know it

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TOM ALLARD As Joe Hockey was delivering his budget speech on Tuesday night, Taylor Clarke-Pepper was settling down to dinner: two-minute noodles and a glass of cordial.

How Joe Hockey ended the age of entitlement

Team of Bastards: The budget gives Australia the clearest view yet of the character of Tony Abbott and his cabinet.

PETER HARTCHER As Joe Hockey set about deciding how to cut welfare payments, he asked for a comprehensive list of all entitlement programs. He couldn’t find one.

Comments 203

Budget will hit demand, but not too badly

Ross Gittins dinkus

ROSS GITTINS This week's macro-economic question is: how will the budget affect the economy?

If PM goes to the polls I will win, says Palmer

Clive Palmer

Heath Aston, Lisa Cox Clive Palmer on Friday made the bold prediction he could become prime minister if Tony Abbott called a double dissolution election.

New $7 GP fee no 'windfall', say doctors

Health minister Peter Dutton

DAN HARRISON Doctors have rubbished claims by Health Minister Peter Dutton that a $7 fee for GP visits will improve health outcomes by allowing doctors to spend more time with patients and make it easier for people to get an appointment with their doctor when they need one.

Labor throws Hockey budget into chaos

MARK KENNY Key elements of the Abbott government’s economic strategy have been thrown into chaos after Bill Shorten declared its first budget a document based on lies.

Comments 384

Shorten to be negative as Abbott

Michael Gordon dinkus.

MICHAEL GORDON Opinion Bill Shorten’s blunt message for Tony Abbott in his budget reply is that he intends to be every bit as negative.

Comments 323

Less than two middies: Hockey defends GP fee

Joe Hockey

MATTHEW KNOTT Forget inflation; forget the government bond rate. Treasurer Joe Hockey this morning injected a new price measure into the political lexicon: the Middy Exchange Rate (MER).

Comments 343

Lower growth, more unemployment

Michael Pascoe dinkus

MICHAEL PASCOE While everyone's been off chasing weasel words, the centrepiece of Joe Hockey's first budget has been largely overlooked.

Shorten dismisses Abbott's election threats

Opposition Leader Bill Shorten says Tony Abbott is unlikely to call an election over the unpopular budget.

LISA COX Opposition Leader Bill Shorten says Prime Minister Tony Abbott will not be brave enough to call a double dissolution election if the Senate refuses to pass the government's budget bills.

Joe Hockey avoids question of a higher GST

Peter Martin dinkus

PETER MARTIN Opinion Don't think for a moment that Joe Hockey doesn't get the case for a higher GST.

Comments 123

Public service counts cost of budget

Attention Property Section AFR.
The new AusAID buiding in London Crt, Canberra.
Photograph taken by Andrew Taylor on the 20thJun2007.

NOEL TOWELL Canberra was confronted on Wednesday by the full impact of the federal budget on the jobs, careers and families of tens of thousands of local public servants and other government workers.

Abbott in denial over broken promises

Michael Gordon dinkus.

MICHAEL GORDON Opinion Phase one of Tony Abbott's strategy to sell the budget is to deny, point blank, that it is based on the deceit of broken promises made before last year's election.

Comments 163

Graduate debts up to $120,000, HECS architect warns

Matthew Knott, Heath Gilmore University degrees will cost up to three times as much under a deregulated fee system, leaving graduates with $120,000-plus debts, according to the architect of the HECS student loan scheme.

Comments 375

Then and now: budget's broken promises

Recommended to break his pledge: Prime Minister Tony Abbott.

On the eve of the 2013 federal election Tony Abbott promised no cuts to education, health, or the ABC and SBS, and no changes to pensions. Fairfax Media looks at how those promises fared in the Abbott government's first budget.

ABC, SBS bosses blast broken promise

ABC managing director Mark Scott:

MATTHEW KNOTT The managing directors of ABC and SBS have blasted the Abbott government for breaking a pre-election promise not to cut funding to the broadcasters.

Governments on GST collision course

Treasurer Joe Hockey addressing the media in the traditional post-budget speech to the National Press Club.

JAMES MASSOLA The federal and state governments are on a collision course over $80 billion in cuts to health and education.

Ross Gittins answers your budget questions

Ross Gittins dinkus

ROSS GITTINS The Sydney Morning Herald's Economics Editor, Ross Gittins, will be answering reader questions about the 2014 Federal Budget from midday.

Comments 288

John Howard predicts pain for battlers

Former prime minister John Howard says the 2014 budget will hurt battlers but he insists it is not the end of the “fair go”.

CAMERON ATFIELD Former Prime Minister John Howard has backed the first Coalition federal budget since he left politics, but has warned its impact on the vulnerable should not be underestimated.

Comments 40

Economy

Budget to hit consumer confidence

Treasurer Joe Hockey reads the budget coverage in the newspapers with Assistant minister for Infrastructure Jamie Briggs at a Canberra bakery on Wednesday 14 May 2014. Photo: Andrew Meares

Bianca Hartge-Hazelman and Sally Rose Economists say that the government's tough budget could drive confidence to recession levels and delay future interest rate hikes until late next year.

Energy sector left obsolete by agency's demise

A second wind for renewables if axe falls on ARENA?

PETER HANNAM The head of Australia's flagship clean energy development agency says the organisation's planned axing is a broken promise that will leave the country's energy sector obsolete.

Abbott berated over age pension changes

Prime Minister Tony Abbott was confronted by an angry pensioner on national television.

JESSICA WRIGHT Prime Minister Tony Abbott and Treasurer Joe Hockey are defending accusations of untrustworthiness, saying their first budget was “fundamentally honest” and drafted in good faith. 

Comments 623

Hockey 'daring' states to ask for GST rise

Joe Hockey

JESSICA WRIGHT Labor has accused the Abbott government of daring the states to push for an increase in the GST after Treasurer Joe Hockey revealed in the budget that the states would be stripped of billions of dollars of funding for health and education.

Hockey grilled by ABC's Sarah Ferguson

hockey

Alexandra Back Federal Treasurer Joe Hockey has sweated his way through his first post-Budget interview.

Comments 675

Joe Hockey's budget 2014 speech in words

The words that don't appear are just as telling as those that do.

Alexandra Back We’ve bundled the more than 3500 of the Treasurer’s words on budget night into this word cloud.

Comments

Federal budget 2014: Young to wait until 25 to get dole

Centrelink

JACQUELINE MALEY Young people wishing to sign onto the dole will be forced to wait six months before they receive a cent of government money, after which they will have to work for the dole for another six months before either getting a job, or getting cut off again for another six months.

Comments 295

SMH

Editorial: Joe Hockey puts credibility at risk

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Rarely has a federal Treasurer laid out so quickly and clearly such stark reforms to the Australian way of life. Rarely have voters been left wondering about the justification and asking, ''Why the rush?''

Comments 51

No wallets spared in hunt for savings

It's hard to find a hip pocket spared by the Abbott government's first budget.

MATT WADE It's hard to find a hip pocket spared by the Abbott government's first budget.

Pension whittled away, but super untouched

Many people will be going back to the drawing board when it comes to planning retirement.

JOHN COLLETT Many people will be going back to their drawing boards when it comes to planning retirement.

Uni now means more pain before gain

University students Erin Davis,19, and Nicole Semmler, 20. from University of Canberra.

NATASHA BODDY Students to be hit in the hip pocket after the government announced it would reduce contributions towards their course fees.

High earners will pay more tax until 2017

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JAMES MASSOLA About 400,000 taxpayers earning more than $180,000 will pay an extra 2 per cent tax as the government breaks a pre-election promise not to raise taxes.

Armed forces get $1.5b shot in combat arm

soldier

DAVID WROE Defence has emerged strongly as the winner out of Tuesday's budget, with spending on the military set to grow about 6 per cent above inflation in coming years.

Greatest sting in threshold for part B

Family tax payments will be tightened from 2015.

JACQUELINE MALEY Family tax payments will be tightened from 2015, with families on sole incomes - those who currently receive family tax benefit part B - to be hit hardest.

Christmas Island to be 48-hour transfer hub

The Christmas Island detention centre will become a rapid transfer base.

SARAH WHYTE The Christmas Island detention centre is set to become a ''rapid transfer'' base where asylum seekers are held for just 48 hours before being sent for processing on Nauru or PNG's Manus Island.

Double the funding in rare win

Medical research is one of the few winners in the 2014 budget.

AMY CORDEROY A $20 billion medical research future fund for cutting-edge research will be the largest of its kind in the world, the government says.

'Affordable' plan dumps promises

Foreign aid has taken another budget hit.

DAVID WROE Foreign aid has taken another budget hit, with spending frozen at $5 billion a year for the next two years, meaning it will not keep pace with inflation.

Joe Hockey hurts his way into history

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MARK KENNY An unprecedented $80 billion cut to health and education spending over the next decade leads a list of tough savings measures.

Comments 376

Federal Budget 2014: The sketch

Treasurer Joe Hockey

TONY WRIGHT It was an austerity budget and an austerity media conference by Joe Hockey.

$12m to investigate ASIC registry sale

ASIC

GARETH HUTCHENS The Australian Securities and Investments Commission's $6 billion-plus registry business looks set to be privatised as part of the Abbott government's plans to ''reduce the footprint'' of the federal government.

Tighter rules placed on health card

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JOHN COLLETT The budget targets well-off retirees by making it harder for them to access the Commonwealth seniors health card.

Australian Tax Office the biggest loser

TAX MELBOURNE PIC BY ERIN JONASSON. calculator, tax, GST, calculate, do the sums, add and subtract, budget, small business accounting, SPECIALX 00025094***FDCTRANSFER***

MARKUS MANNHEIM The federal bureaucracy is poised for its greatest loss of staff since the early years of the Howard government.

Health

Fed govt to slash share of hospital funding

MEDICARE. MELBOURNE. 030423. AFR. PICTURE BY PETER BRAIG. FILE PIC.  MEDICARE CARD / HEALTH INSURANCE / HEALTH SCHEMES.

Amy Corderoy, Dan Harrison Billions of dollars will be slashed from already-strained public hospital budgets under plans that could lead to huge increases in waiting times for surgery and emergency treatment.

Federal budget 2014: Social media reactions

Julia Gillard meme

Sophia Phan People have taken to social media to express their emotions over Treasurer Joe Hockey's first budget.

Parliament

Federal budget 2014 – Full speech

Treasurer Joe Hockey delivered his first budget at Parliament House in Canberra on Tuesday 13 May 2014. Photo: Andrew Meares

Full text of the 2014 budget speech delivered by Federal Treasurer Joe Hockey.

ABC, SBS cut by $43.5 million

ABC

Jonathan Swan, Matthew Knott Prime Minister Tony Abbott has broken his election promise: ''No cuts to the ABC or SBS.''

More than 70 agencies scrapped

Treasurer Joe Hockey

PHILLIP THOMSON Government to consolidate and scrap more than 70 government bodies.

The budget for women, parents and families

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Marie Coleman “Staying at home should be a parent’s choice but there are limits on how much support the taxpayer can give,” Treasurer Hockey says.

Budget to cut 16,500 public service jobs

SYDNEY, AUSTRALIA - MAY 09:  Australian Prime Minister Tony Abbott attends during the Official Welcome Home Celebration For The 2014 Sochi Olympians And Paralympians at Museum of Contemporary Art on May 9, 2014 in Sydney, Australia.  (Photo by Matt King/Getty Images)

MARKUS MANNHEIM The federal bureaucracy is poised for its greatest loss of staff since the early years of the Howard government.

Reaction

Labor: Budget built on 'act of mass deceit'

Chris Bowen

James Massola, Marija Taflaga Labor has slammed Joe Hockey's first budget, labelling it a document of "broken promises, cruel cuts and unfair increases in the cost of living".

Highlights

Interactive data explorer

Explore the major data points of the 2014 federal budget and see how Joe Hockey’s first budget shapes up to his predecessors.

Winners and losers

Who gains and who feels the pain of Joe Hockey's first budget.

Budget at a glance

What you need to know about the 2014 federal budget.

Analysis

Tony, what a surprise!

Rocco Fazzari and Denis Carnahan present their musical analysis of the Budget. With apologies to Chicago.

Broken promises or building Australia?

As Treasurer Joe Hockey begins the task of selling his first budget, the political fallout ensues. Nine News.

Budget 2014: 'we've kept our promise'

Joe Hockey says the most significant pledge the Coalition made was to fix the Budget and they've kept that promise.

The populist is gone, meet Abbott the ideologue

Joe Hockey says this budget is not the last word in fixing the nation's finances but the first. And that first word is "surprise".

Comments 220

Tough and unfair, it's business as usual

I give Joe Hockey's first budgetary exam a distinction on management of the macro economy, a credit on micro-economic reform and a fail on fairness.

Comments 391

Crisis? What crisis? Budget bluff finally becomes clear

The sense of urgency that the government engineered going into this budget can now be seen in perspective. There was no crisis forcing savage spending cuts and revenue-raising measures.

Trust deficit spells death for a salesman

Treasurer Joe Hockey describes this as ''the budget that gets on with the job'' of repairing a budget which was otherwise headed towards the rocks.

Comments 166

Joe Hockey picks ancient charts above arts

Treasurer Joe Hockey presented his inaugural budget speech from a bespoke kangaroo skin document sleeve, a gift from his family on the eve of his big day.

An indexation trick without an asterisk

Honest Joe has delivered a stunning first instalment. It's stunning because he has harnessed the power of compound indexation to restrain spending by more and more as each year goes by. It's the first instalment because his second, due within two years, will deal with tax.

Will the pain be worth it for Tony Abbott?

Joe Hockey gets a 10 for courage, an eight for fiscal responsibility and a three for keeping commitments in a high-risk budget that will test the discipline, cohesion and salesmanship of the entire Abbott government.

Comments 89

Where some are more equal than others

Comment: Joe Hockey's chant that everyone must pucker up and ''contribute now'' smacks of George Orwell's Animal Farm.

Chance to kick props away from leaners

This is more the political version of a footy coach's three-quarter time motivation session than classic budget speech.

Interactive

Where will your tax dollars go?

Use our interactive calculator to find out exactly where every one of your tax dollars went in this budget.

Interactive budget data explorer

Explore the major data points of the 2014 federal budget and see how Joe Hockey’s first budget shapes up to his predecessors.

Gallery: Federal Budget 2014

Fairfax photographers Andrew Meares and Alex Ellinghausen train their eyes on Treasurer Joe Hockey during the day of the 2014 Federal Budget being handed down.

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