Winner: Small business

Loser: Multinational corporations

Loser: Smokers

Loser: Working parents

Loser: University Students

Winner: The ATO

Loser: The public service

Winner: Drivers

Winner: Upper-middle earners

Neutral: High-income earners

Neutral: Lower-income earners

Loser: Health

Neutral: Schools

Winner: Defence

Neutral: Public broadcasters

Winner: Young job seekers

Neutral: It's a mystery

Small businesses will get a tax cut from July 1 this year, with the rate reduced to 27.5 per cent. The threshold for businesses eligible for this will rise from $2 million in annual turnover to $10 million. This will affect about 870,000 businesses and about 3.4 million workers.The lower rate will be introduced to more and more businesses progressively until it is applied to all businesses by 2023-24. By 2026-27, the rate for all businesses will go down to 25 per cent, which the Government hopes will make Australians firms more competitive internationally.The measures build on a 1.5 per cent tax cut, announced last year, for businesses making less than $2 million.Firms such as Apple and Google have come in for criticism over their creative tax practices.The Government, following in the footsteps of the UK, will put in place a diverted profits tax, which will tax at a higher rate of 40 per cent profits those multinationals attempt to shift offshore. It will apply to large global companies turning over $1 billion or more. The Government hopes it will claw back $200 million in lost tax revenue over the forward estimates.Penalties for major multinationals that do not meet requirements when it comes to disclosures to the ATO will now increase. This will apply from 2017-18, though it's unclear how much money it will raise.Whistleblowers who bring these kinds of tax avoidance practices to light will also get greater protections from July 1 2018.The country's 2.5 million smokers will be hit once again, with four annual rises of 12.5 per cent in the tobacco excise. This means that by 2020 almost 70 per cent of the cost of cigarettes will be government excise.The Government will also look to target the illegal importation of tobacco. A Tobacco Strike Team, part of the Australian Border Force, will get an extra $7.7 million to enforce importation restrictions.There will also be tougher penalties for those caught smuggling, and new offences that are not currently available under the Customs Act.The Government hopes to earn $4 billion over the forward estimates.The Government has held off implementing the childcare subsidies, which were a major sweetener in last year's budget.They are justifying the decision to defer this decision, which will save them $1.1 billion, as it was contingent on the passing of family tax benefit reforms that were rejected by the Senate.The deferral is only for a year, indicating the Government is hoping it will have more success with a new Senate in the event it is re-elected in July.While not articulating how they will achieve it, the Government has kept almost $2 billion in savings from Higher Education Reform in the forward estimates.This reform was stymied in the Senate, but its inclusion in this budget indicates the Government intends to pursue this reform if elected on July 2.In addition to combating multinationals, the Government will also seek to recover lost tax revenue by going after high-income earners and companies avoiding tax by moving profits offshore.A Tax Avoidance Taskforce of more than 1,000 specialist staff will add to the organisation's watchdog capabilities. The staff costs will come out of a $678.9 million boost in funding over the forward estimates.It comes in the wake of the high-profile leak of thousands of documents from Panama law firm Mossack Fonseca, which laid bare the tax avoidance strategies of many high-profile individuals, including Australians.The public sector is taking a hit in this budget due to an increase in the standard efficiency dividend The dividend, generally around 1.25 per cent is a standard annual reduction in funding for government agencies.This budget increases the dividend significantly from 2017-18 when it increases 1.5 per cent. It will then be raised again by 1 per cent and 0.5 per cent in the following two years respectively.While some of the savings made from this initiative are intended for re-investment with the aim of modernising the public service, the measure is still expected to provide a net saving to the budget of $1.4 billion over three years of the forward estimates from 2017-18.The Government will spend nearly $3 billion on new infrastructure projects, much of it concentrated in Victoria and focused on roads.The state's Western Ring Road will get $350 million, while there will be $500 million for the Monash Freeway, $345 million for rural and regional highways and $75 million to combat congestion in urban areas.In Queensland, $200 million will be provided for upgrades to the Ipswich Motorway in the state's south-east.Scott Morrison put the increase in the second highest tax bracket front and centre in his budget speech pitching it squarely at 'average full-time earners'.By increasing the upper limit for the middle income tax bracket from $80,000-$87,000, the Treasurer has given those towards the top of the earnings pile an extra boost, with roughly the top 25 per cent of working Australians set to benefit.Changes to superannuation tax concessions were a clear attempt by Scott Morrison to inject some fairness back into the budget.High income earners are expected to be hit hard by super changes with economist John Daley expecting the measures to bring an additional $2.6 billion dollars into government coffers from the top four per cent of income earners in the 2019-20 financial year.While those on high incomes will take a hit on their super, those on very high incomes - think the top one per cent - will have that loss more than offset by the removal of the temporary budget repair levy introduced in the 2014 budget.This will significantly reduce the tax burden for those well into the top marginal tax bracket by bringing the top rate down two per cent to the previous level of 45 per cent (excluding the Medicare Levy).Accompanying his crackdown of super tax concessions for higher income earners, the Treasurer announced a Low Income Superannuation Tax Offset, which will give people with incomes up to $37,000 a refund of up to $500 in their super account of the amount of tax paid on their super contributions.Keen-eyed observers may note the similarity to Labor's $500 super contribution scheme, which the Government failed to get repealed in the Senate.The Government is extending its freeze on the indexation of Medicare rebates by another two years in a measure expected to save $925 million.The freeze on rebates was extended by four years in 2014 after the Government’s unpopular $7 GP co-payment was dropped.The rebate is normally indexed to take into account inflation, but the freeze means the amount of money patients are rebated will remain the same until 2020, which could have big implications for bulk-billing practises and their patients.While the impasse over hospital funding over the long-term remains, in April the Commonwealth and the states agreed to a short-term funding deal, which would see an extra $2.9 billion for public hospitals between 2017-18 and 2019-20.In the 2014 budget the Government announced it would wind back hospital agreements with the states from 2017, saving $50 billion over eight years.The new deal, while less than what was negotiated with Labor, will provide certainty around hospital funding until 2020. The Government has indicated it will negotiate a longer term agreement with the states if re-elected.The Government is also clawing back $1.2 billion from aged care over the forward estimates, by changing the criteria for how funds are distributed to aged care providers.The Government says this is to address an unexpected surge in the cost of complex care, which has increased disproportionately compared to the other areas of behavioural assistance and physical assistance.As with health, cuts to Gonski funding have cast a shadow over the future of public education funding.While the Government announced an additional $1.2 billion for schools between 2018 and 2020, this falls short of the Gonski funding it promised it would match at the 2013 election.The Government will grow the Defence budget to 2 per cent of GDP by 2020-21, three years earlier than originally planned. Defence will get $32.3 billion for the 2016-17 financial year.Central to that funding will be the naval shipbuilding strategy, already announced as part of the defence white paper, which will see the construction of new submarines and patrol boats in South Australia and Western Australia.About $1.6 billion will go toward innovation within Defence. This includes $730 million for a Next Generation Technologies Fund, which will seek to bankroll "game-changing" inventions for use by the armed forces.Operation Okra, which sees Defence personnel deployed to Iraq and Syria to combat Islamic State, will get a significant funding boost of $363 million over the forward estimates. The Government says the need for the increase was underscored by recent attacks in Paris and Belgium.The country's two public broadcasters will see extensions of their core funding, with the ABC receiving $3.1 billion over three years.However, in his departing remarks, former ABC managing director Mark Scott had hoped to secure a renewal of a $20 million per year grant - first introduced under Labor in 2013-14 - for more local news services and extra current affairs output. That figure has been reduced to $13.5m for 2016-17, rising to $14.1m for 2018-19.SBS will get an additional $9.7 million in 2016-17, mostly to fill a hole created after a bill to let the broadcaster show more advertising failed to pass Parliament. However, it will only get that sum for the one year.A new initiative, the Youth Jobs Path program, will provide $752 million to get people under 25 and currently on employment benefits trained to enter the workforce.The cornerstone of this will be an internship program, from July 1 next year, that will see job seekers get hands-on work experience. About 30,000 places will be available each year, and each intern will work 15 to 25 hours per week and receive $200 a fortnight on top of their regular welfare benefits. Prospective interns will need to have been looking for a job for at least six months.The Government will also expand the New Enterprise Incentive Scheme (NEIS) to encourage self-employment and entrepreneurship, including by providing mentors and workshops on "being my own boss". The number of NEIS places will rise, and it will also be made available to recently retrenched workers.The Government also expects the introduction of a compulsory rent reduction scheme for people living in subsidised housing while on welfare benefits will reduce the number of evictions.Buried deep in the budget is a reference to a list of decisions worth about $1.6 billion that are "not yet announced", and lists an undisclosed saving in 2019 of almost $2 billion.These measures would need to be announced by the Government within 10 days of the start of the campaign, so this is a hint of things to come.What exactly this will be remains a mystery, but with the $2 billion clawed back in 2019 more than offsetting the $1.6 billion in spending there will definitely be some winners and losers.