31 things you need to know about the federal budget

Hockey tells Kochie he’ll be getting all his budget news tomorrow off BI. Picture Getty Images

In case you missed it, Joe Hockey delivered his second budget last night.

Business Insider was there for you. Here’s the full coverage, at a glance.

1. AT A GLANCE: All the big items in last night’s 2015 federal budget
Let’s start with a quick rundown of the big ticket items.

2. Australia’s budget process is broken
Actually, let’s just do a quick reality check first.

3. Here’s Treasurer Joe Hockey’s 2015 federal budget speech
Word for word.

4. And the big winner in Budget 2015 is… Officeworks
No, really.

5. MYOB’s CEO says the budget’s $20K startup gift will be ‘phenomenal’ for Aussies who back themselves
The biggest ticket item – a $20,000 writeoff for SMBs before they even start.

6. The budget ‘hung the Australian economy out to dry’ and more rate cuts are now needed
Capital Economics economists Paul Dale and Adam Collins released a note overnight saying the Treasurer “will see this as a victory, but it comes at the expense of not supporting the economy when it could use a helping hand”.

7. Here’s why the small business deductions are exactly what the economy needs to boost domestic growth
This will materially lift sales in the economy.

8. Here’s everything we know about how crowd-sourced equity will be rolled out for Australian startups
The Government set $7.8 million aside to remove obstacles to crowd-sourced equity funding as it aims to open up new pools of financing for startups.

9. Here’s a list of the government programs that have been cut in Australia’s federal budget
Who got the sharp end?

10. Here’s how the ‘Netflix tax’ in the budget will work
Or, “How Hockey justified slapping a tax on air”.

11. Here is the budget statement on the outlook for the economy
The second longest continuous period of growth of any advanced economy in the world. Australia wins again!

12. Here’s what Australia’s startups think of the stimulus plans in the federal budget
The federal budget has a bunch of changes aimed at helping startups, and any help is good help when it comes to Australia’s tech sector.

13. Australia’s net debt is forecast to hit a new all-time high – but don’t worry about the AAA rating
We really do worry too much about that rating.

14. The federal budget has a bunch of changes aimed at helping startups
Making it easier for startups to raise cash through crowdfunding and to lure top talent via employee shares schemes. Hopefully.

15. The Abbott government used this ridiculous graphic in an attempt to explain metadata
It really was. Look:

16. CHARTS: Australia’s government debt is expected to rise to $573 billion over the next decade
Westpac has some excellent charts that show how outlook for gross government debt levels evolves.

16. 4 stocks that could benefit from Joe Hockey’s small business stimulus plan
Investors at the ready.

17. Australia’s budget sees global growth accelerating, with China’s slowdown offset elsewhere
With a bonus picture of some vintage Pumping Iron Arnie.

18. The tourism industry is pretty upset about the budget, calling the new backpacker tax ‘ridiculous’
Backpackers will pay 32.5% tax on every dollar they earn. In other news, backpackers get paid?

19. In one tweet, here’s the problem with Joe Hockey’s small business tax breaks
You have to click the headline to see what it is.

20. Australia will dedicate $22 million to fight terrorists on Twitter
The Government sees your social media outbursts.

21. The budget: $1.2 billion for counter-terrorism measures
It’s not just dumb and dangerous tweets.

22. CHART: The Budget Papers show Australia’s economic transition will be complete in three years
It’s planning on mining’s share as the driver of Australia’s economic growth to fall from a 55% contribution to just 16% – fast.

23. Finally, Treasury has gone bearish on iron ore in the budget forecasts
Treasury now expects an average $US48 a tonne in the latest forward estimates.

24. Joe Hockey’s 2nd budget assumes a dollar at US76c and oil at $US64

25. The half-baked program for entrepreneurs has had $27 million cut from it in this year’s budget
It never really flew anyway.

26. There is no more funding for the MH370 search after June 2016
A sad end to one of our biggest aviation mysteries.

27. CHART: How the government thinks Australia’s startups stack up to the rest of the world
Australia has a larger proportion of the population launching small enterprises compared to almost any other developed country in the world:

28. The ‘Google tax’ starts next January and Joe Hockey wants to make it global
Joe’s on his horse. Look out tech heavyweights.

29. The Australian government’s ‘Google tax’ is incredibly punitive

30. Joe Hockey’s second budget sees unemployment peaking at 6.5%
“You can always look at the dark side,” he said. “Not me.”

31. Australia is cutting its aid to Indonesia by 40%
The government is seeking $3.7 billion in savings in the aid budget over the next four years. Indonesia copped it this time around.

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