Australia's Abbott stakes his future on budget

National deficit likely to balloon to $31.7 billion, say economists

Australian Prime Minister Tony Abbott's first budget aimed to tackle a "debt and deficit disaster". His economic blueprint released on Tuesday will be as much about political survival as repairing Australia's finances.

The government is promising a "dull" budget centered around helping families and small businesses, after a backlash against last year's spending cuts worsened a poll-ratings plunge that triggered a challenge to Abbott's leadership.