There's more commentary and analysis on the Budget around than anyone could possibly read, so I won't add a lot here. If you want to read all the detail for yourself, you can click here.

The activity in Parliament House on Budget Day and night is a unique experience, which I will write more on tomorrow. In the meantime, I'll just give a few initial thoughts:

This Budget represents the final repudiation of welfare reform as proposed in the McClure report. They have entrenched the growing divide between pension payments and entitlements and those available for unemployed people, and made major efforts to throw more disabled people and sole parents into the cheaper pile (with a greater chance that they might then be thrown off all together under the tighter compliance regime). This blatant attack on the vulnerable under the guise of 'helping' them into work is appalling, particularly when so much money is being poured into the pockets of high income earners.

The Treasurer has taken the easy options on tax. There is still no move to index the tax thresholds, which would prevents tax cuts being eaten up by inflation and wage rises. The decision to cut the tax rate for the lowest income earners from 17% to 15% is a weaker option than raising the bottom threshold at which income tax starts to be paid, which stays stuck at $6000.

In the absence of major investment in science and research, the environment, education, health, housing, skill shortages and other infrastructure, the decision to provide such huge tax cuts for the highest income earners is a disgrace. (of course, it's great for me and every other politician, and the other top 3 percent of income earners, but very bad policy none the less). And don't forget the further $2.5 billion tax cuts for high earners through removing the superannuation surcharge.

I think it is a reasonable and economically responsible move to put funding aside for future public service superannuation. There is a counter argument that locking up public money that could be invested on infrastructure in Australia, rather than overseas share markets where this 'Future Fund' will probably be invested, but I think the principle is the right one, given our historical propensity to ignore this major liability.

I believe it is economically sensible to abolish the 3 % tariff on business inputs. This is a tax on manufacturing which has been in place far too long.

I'm concerned about the economic impact of big tax cuts, particularly their potential to again fuel a spike in housing prices. I feel there is also a lesser risk of it fuelling inflation and interest rate rises.