Federal Budget: a 5-minute guide

THE Federal Budget is a massive tome, heavy on dry economic detail.

This year's budget was keenly anticipated, with Treasurer Joe Hockey warning Australians about the structural adjustments that the economy needed — and the "heavy lifting" that different sectors of the population would have to do.

Here is all you need to know about the 2014 Federal Budget, distilled into a quick five-minute summary.

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