Delivering his first budget, Federal Treasurer Joe Hockey maintained that one of Australia’s greatest strengths as a nation “is our capacity to innovate and invent, however a range of assistance programs will be drastically reduced.

Delivering significant cuts to the limited funds and programs that have offered the industry assistance over the years, the Government will start by abolishing a range of industry assistance programs, saving over $845 million, refocussing effort on innovation and self-reliance.

The official papers are online including a transcript of last night's speech.

StartupSmart ezine runs a full comment focused on the startup and innovation sector, and of course all the major news outlets are running hot today. Here are some to get you going:

• News.com.au: what the federal budget means for you
• Sydney Morning Herald: winners and losers
• ABC: what we know and what to expect