Rarely are these roles more pronounced than at federal budget time, when complex fiscal documents and rapid-fire rhetoric abound.

The Abbott government's second budget has been described as one of the most important in a decade and presents a stark example of the need for considered news reporting. At an Age subscribers' forum at the State Library on Wednesday night, two of Australia's top budget veterans put the budget under the microscope.  Did it meet expectations? What happened to the warnings of debt and disaster? What will it really mean for the future of businesses and for the Australian economy?

The Age's news director, Mark Forbes, led a thought-provoking panel discussion and audience Q&A with Age economics editor Peter Martin and BusinessDay editor Mathew Dunckley to take a closer look.

Although the budget has drawn scorn, it has also sparked a major boost in consumer confidence (the highest in 16 months) and a significant bounce in political popularity with the latest Age/Ipsos poll putting Labor and the Coalition at 50-50.

Martin said he feared the rise in consumer and political popularity in the wake of the budget release would both be short-lived.

"And here's why – they are asking for you to believe the opposite of what they asked us to believe a month ago," he said.

"It was a budget emergency? Now they are asking us to believe there is no crisis. Spending cuts are the way? Now they are asking us to believe that's not the case.  We won't increase your taxes? Well, that's now what they're doing."

Dunckley told the forum that Australian businesses groups had pushed the government for a budget that would help make things easier.

Retailers suffered from last year's "lifters not leaners" budget, but this year's stimulatory budget and record low interest rates have raised industry hopes. Through tax cuts and concessions, the Abbott government has looked to small businesses to lead the path to economic recovery.

One of the keystone budget plans is for small businesses to claim an immediate tax deduction for every item they purchase up to $20,000.

"That's been one of the main selling points and it has gone down very well," Dunckley said.

"The reaction in retail was immediate and strong. Retail stocks took off the next morning, about 10 per cent."

Dunckley said his BusinessDay team had recently surveyed key business leaders, 100 days after Tony Abbott pledged "good government starts today".

"We're not sure if it's good," one respondent said. "It's better. But now that it's better and we're on an even keel, let's get more stuff done."

Fairfax Media