The Jobs & Small Business package

This is the biggest small business package in Australia's history.

At the heart of the package are tax cuts for all small businesses with annual turnover under $2 million.

Small businesses will be able to immediately deduct each and every asset costing less than $20,000 that they buy between Budget night and end June 2017.

Other small business measures will reduce red tape and encourage entrepreneurship.

There are also measures to help employers take on unemployed job seekers and to help young disengaged youth become job ready.