Ten billion dollars for families and small businesses, including a generous 100 per cent deduction on new equipment purchases of $20,000 each, and the removal of fringe benefits tax on all portable electronic devices such as phones, tablets, and laptops, lead Joe Hockey's second economic blueprint.
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Dubbed the "have-a-go budget", the blueprint is a pragmatic document strong on the stimulus effect of spending and largely devoid of the harsh cuts and the losers they created in 2014.
As such, it represents a calculated attempt by the Coalition to repair its damaged political stocks and to reconnect with its small business/entrepreneurial base in the suburbs.
However it will inevitably raise speculation of an early election in the second half of 2015, with both sides of politics now preparing for that contingency through accelerated pre-selections, fund-raising efforts, and policy development.
Reprising his "glass half-full" analogy, the Treasurer declared it was a budget expressly aimed at unleashing the jobs and growth potential of small business and at getting Australians spending. This will be done through a tax cut to all businesses with turnover below $2 million, which the government says will extend to 96 per cent of businesses.
Eager to unlock funds sitting in business bank accounts, Mr Hockey noted that big enterprises had more money in their pockets than at any time in the past and that record low interest rates made borrowing cheaper than ever before.
"This is where the jobs and innovation are going to come from in the next decade," he said, dismissing concerns that the 100 per cent write off available to small businesses could lead to widespread abuse, including a sharp spike in non-business related purchases such as mountain bikes, sports cars, and ride-on lawn-mowers.
The scheme, which will cut out in June 2017, will allow small businesses to instantly deduct up to $20,000 for every purchase of equipment.
"This is about growing the economy ... if there is an exceptional response, I say 'fantastic!'" he told reporters.
"If you're a tradie, it might be new tools or a computer for the home office - cars and vans, kitchens or machinery, anything under $20,000 is immediately 100 per cent deductible from tonight."
But political realities may yet frustrate initiatives, with the government sticking with blocked higher education changes and making its $3.5 billion childcare package contingent upon achieving its proposed cuts to Family Tax Benefit B.
Spruiking optimism and growth as the new watchwords, the budget forecasts a lower-than-expected deficit for 2015-16 of $35.1 billion, on the path to a small $6.9 billion shortfall in the final year of the estimates, 2018-19.
It says that has been achieved while reducing spending, increasing benefits, and presiding over an economy in which job creation is substantially higher than under Labor.
But its forecasts show the jobless rate will remain stubbornly high at 6.5 per cent in 2015-16, dropping only marginally to 6.25 and then 6.0 per cent in the following two years.
Much of the fiscal improvement is based on an increase in the rate of economic growth - which is itself optimistic - and on savings from the unlikely passage of some blocked measures from the last budget.
Mr Hockey said the plan was based on growing confidence and opportunity that came from a host of favourable conditions, including cheaper petrol and electricity for consumers and on the work of the Reserve Bank in keeping rates low.
Asked if his growth projections of 3.25 per cent in the out years of the budget after a more sombre 2.75 in 2015-16 were too optimistic, Mr Hockey said no.
On the savings side, the government will clamp down on what it called "overly generous meal and entertainment expenses", capping them at $5000. This is expected to claw back $295 million over four years.
Another $540 million will be gouged from cash-starved backpackers travelling to Australia for working holidays. They will lose their current $20,000 tax free threshold.
And $735 million has been booked from increased fees for foreign investment applications.
