Joe Hildebrand stops by in a denim jacket to break down last night's federal budget in plain English. Everyone gets $250, except you won't get it until next year, and you've probably already lost twice that in bracket creep. The $1,000 instant tax deduction sounds great until you realise it's a deduction not a payment, so you actually get about $244. The negative gearing and capital gains tax changes are meant to help first home buyers but the government's own numbers say it will result in 35,000 fewer houses being built. What good luck. What bad luck. Also the entire budget was leaked before it was delivered, which raises questions about why journalists get locked in a room for six hours with no phones to process it.

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