Australian Treasurer Joe Hockey is preparing to deliver the Abbott Government's first budget, which the coalition has named as an emergency budget.
Widespread spending cuts are expected, including a tax increase for top earners, a rise in the fuel excise and a $7 increase in the cost of GP visits.
The ABC reports a multi-billion-dollar road-building programme is also expected.
Mr Hockey is selling the budget as "good for Australia and good for our destiny".
Overall though, the government is looking to save billions of dollars to tackle Australia's ballooning budget deficit, which is forecast to reach $A123 billion over four years.
Federal treasurer Joe Hockey holding his budget speech at Parliament House in Canberra. Photo: AFP
